Growing populations, expanding economies, industrialisation, and urbanisation pose a problem for waste management in developing countries. Their waste management methods, on the other hand, are not as efficient as they could be. Most developing countries' current waste management practices do not fully conform to developed countries' best practices for meeting socioeconomic goals. As a result, the importance of waste management in developing countries has grown in recent years. In order to highlight the socioeconomic perspectives of waste management practices, the present study examines the existing literature, policies, information, and records on waste management in developing nations. The findings indicate that essential socioeconomic factors such as finances, population density, per capita income, education level, policies, and technology have a significant impact on waste management, which encompasses waste generation, collection, composition, and disposal/treatment. Nonetheless, waste management has a number of economic benefits, including financial stability, job creation, and community cohesion. This study will inspire further research on the need for developing nations to consider the socioeconomic benefits of proper waste management and to develop a policy plan to achieve these benefits.