The present review is designed to integrate recent developments in the diagnosis and treatment of heart failure (HF), a worldwide medical challenge associated with substantial morbidity and mortality. A systematic search of the literature published from 2015 up to October 2024 was performed using PubMed, Scopus and Web of Science. The search used the keywords “heart failure diagnosis,” “heart failure management,” and “novel therapies.” The studies were included when relevant, methodologically robust and of importance. Important findings of the review are diagnostic novelties as the natriuretic peptide testing and the advanced imaging, as well as therapeutic novelties as the SGLT2 inhibitors and the personalized medicine. Non-pharmacological interventions, including cardiac rehabilitation and device therapies, have also contributed to improvement in outcome. Yet, inequities in quality of care and heterogeneous guideline uptake remain. This review highlights the importance of integrated care paradigms and ongoing research in precision medicine to manage the multifaceted pathophysiology of HF. This review integrates the evidence to offer clinicians and researchers a complete resource for practice and future studies.