This review highlights the multifaceted issue of mercury pollution mainly by worldwide illegal gold mining or artisanal and small-scale gold mining (ASGM), apart from several other significant mercury-emitting sources such as coal-powered thermal power stations, mercury mining, volcanic eruptions, forest wildfires, open biomass burning, and several other industrial activities. Important related aspects such as the process of gold extraction during illegal mining activities and the release of mercury into different environmental compartments, especially into water bodies where mercury gets transformed into more toxic form called methyl mercury (MeHg) which enters the food web through a processes called biomagnification, where it becomes more concentrated ultimately increases the risk of human mercury exposure, particularly through the consumption of mercury contaminated fish. Global mercury cycle, pollution of different environmental compartments including aquatic environment, mercury toxicity, accumulation of mercury in different aquatic organisms like fish, biomagnification, and the impact of mercury on human health and ecosystems, are discussed in detail with recent updates. Other aspects, such as air and soil pollution, deforestation, and habitat loss, the land destruction effect on indigenous communities are discussed in detail. Global perspectives on mercury pollution and control, including the Minamata Convention’s efforts to combat mercury emissions, as well as techniques for identifying illegal mining areas, are discussed in detail. A brief review of important analytical techniques for determining elemental mercury, mercury isotopes, and mercury species in various media, including air, water, soil, and fish, is also presented.