Neural scaling laws have revolutionized the design and optimization of large-scale AI models by revealing predictable relationships between model size, dataset volume, and computational resources. Early research established power-law relationships in model performance, leading to compute-optimal scaling strategies. However, recent studies highlighted their limitations across architectures, modalities, and deployment contexts. Sparse models, mixture-of-experts, retrieval-augmented learning, and multimodal models often deviate from traditional scaling patterns. Moreover, scaling behaviors vary across domains such as vision, reinforcement learning, and fine-tuning, underscoring the need for more nuanced approaches. In this survey, we synthesize insights from over 50 studies, examining the theoretical foundations, empirical findings, and practical implications of scaling laws. We also explore key challenges, including data efficiency, inference scaling, and architecture-specific constraints, advocating for adaptive scaling strategies tailored to real-world applications. We suggest that while scaling laws provide a useful guide, they do not always generalize across all architectures and training strategies.