The aggravation of environmental problems such as water scarcity and air pollution has called upon the need for a sustainable solution globally. Membrane technology, owing to its simplicity, sustainability, and cost-effectiveness, has emerged as one of the favorable technologies for water and air purification. Among all of the membrane configurations, hollow fiber membranes hold promise due to their outstanding packing density and ease of module assembly. Herein, this review systematically outlines the fundamentals of hollow fiber membranes, which comprise the structural analyses and phase inversion mechanism. Furthermore, illustrations of the latest advances in the fabrication of organic, inorganic, and composite hollow fiber membranes are presented. Key findings on the utilization of hollow fiber membranes in microfiltration (MF), nanofiltration (NF), reverse osmosis (RO), forward osmosis (FO), pervaporation, gas and vapor separation, membrane distillation, and membrane contactor are also reported. Moreover, the applications in nuclear waste treatment and biomedical fields such as hemodialysis and drug delivery are emphasized. Subsequently, the emerging R&D areas, precisely on green fabrication and modification techniques as well as sustainable materials for hollow fiber membranes, are highlighted. Last but not least, this review offers invigorating perspectives on the future directions for the design of next-generation hollow fiber membranes for various applications. As such, the comprehensive and critical insights gained in this review are anticipated to provide a new research doorway to stimulate the future development and optimization of hollow fiber membranes.