This comprehensive review analyzes research on enhancing steam boiler performance through energy and exergy analysis, emphasizing their importance in promoting sustainability and competitiveness in thermal power plants. The review identifies the combustion zone and heat exchanger surfaces as primary sources of irreversibility across diverse boiler designs. Higher pressure designs, particularly ultra-supercritical units, exhibit significant reductions in exergy destruction. Optimization strategies, such as combustion air preheating, excess air ratios, fuel properties, main steam conditions, and feedwater temperatures, play a vital role in improving efficiency. The study highlights the need for dynamic modeling and transient load evaluations, advocating for integrated co-optimization methodologies and exploring advanced materials, combustion techniques, waste heat recovery, and emerging technologies. Energy-exergy analysis emerges as a guiding framework for the sustainable evolution of steam boiler infrastructure and power generation. This review contributes to the literature by establishing performance benchmarks, identifying opportunities for improvement, and highlighting advancements in heat transfer and combustion processes, providing valuable guidance for enhancing thermal power plant efficiency and reducing environmental impact.