Forward osmosis (FO) is an evolving membrane separation technology for water treatment and reclamation. However, FO water treatment technology is limited by factors such as concentration polarization, membrane fouling, and reverse solute flux. Therefore, it is of a great importance to prepare an efficient high-density porous membrane and to select an appropriate draw solute to reduce concentration polarization, membrane fouling, and reverse solute flux. This review aims to present a thorough evaluation of the advancement of different draw solutes and membranes with their effects on FO performance. NaCl is still widely used in a large number of studies, and several general draw solutes, such as organic-based and inorganic-based, are selected based on their osmotic pressure and water solubility. The selection criteria for reusable solutes, such as heat-recovered gaseous draw, magnetic field-recovered MNPs, and electrically or thermally-responsive hydrogel are primarily based on their industrial efficiency and energy requirements. CA membranes are resistant to chlorine degradation and are hydrophilic, while TFC/TFN exhibit a high inhibition of bio-adhesion and hydrolysis. AQPs are emerging membranes, due to proteins with complete retention capacity. Moreover, the development of the hybrid system combining FO with other energy or water treatment technologies is crucial to the sustainability of FO.