Heat exchangers are indispensable components of industrial processes, significantly impacting the environment by reducing pollution and conserving energy. The rising adoption of plate heat exchangers (PHEs) in industries is fueled by their compact design, and ability to operate effectively in minimal temperature differentials, emphasizing the need for energy efficient PHE. This paper extensively reviews diverse aspects of studies on PHEs, covering critical parameters like novel profile designs, innovations, biomimicry, end plate effects, structural analysis, design, multi-objective optimization, and a comparison of cross flow and counter flow arrangements. It includes in depth examinations of different passive techniques like surface roughness impact, embossment types, and the role of fins in enhancing heat transfer. Capsule type embossing outperforms corrugated PHEs having high Nusselt number (Nu) and low friction factor (f). Research findings also show that wire inserts can lead to a pressure drop increase of up to 72%, while wavy chevron designs can reduce pressure drop by approximately 30%. Additionally, novel gasket modifications have been reported to enhance heat transfer by 75%, while biomimetic lung-pattern approaches have demonstrated a 68% reduction in friction factor. The review explores profile based studies and showcases recent innovations in technology, materials, and design approaches for PHEs. This paper also summarizes the multi-objective optimization strategies and real world case studies that illustrate diverse applications and also suggests the scope and recommendations for future work. This comprehensive review is a valuable resource for researchers, engineers, and practitioners, enhancing understanding of factors driving innovation in PHEs.