Conventional metrics, such as journal impact factor and citation counts, offer limited perspectives on research impact. Altmetrics, a web-based metric study, has emerged to supplement traditional measurements by providing real-time information on scholarly research's digital platform impact. The reviewed literature traces evolution of altmetrics, highlighting its applications and limitations. The historical development of altmetrics identifies key milestones, from initial signs on social media to standardization efforts and acceptance by publishers. Altmetrics comprise various components, including social media, news coverage, citations, online peer review and multimedia platforms. Data aggregators, such as Altmetric.com, ImpactStory, Plum Analytics and Crossref Event Data, play a vital role in tracking and accumulating altmetrics data. Despite its advantages, altmetrics faces criticisms and challenges, including data reliability, gaming, lack of standardization, and discipline-specific differences. In conclusion, altmetrics offer a valuable tool for understanding research impact in the digital age, however awareness of limitations and continuous improvement efforts are essential for the effective use of these metrics in scholarly and societal communication.