The virtual world has the potential to influence many societal spheres and the recent developments in the Metaverse have evolved the technologies of the next generation, whose definite definition is yet to be provided. However, it is an extension of the physical world, a virtual reality of any world imaginable to man such as gaming, training, marketing and education platforms. With the researched and proven potential of the Metaverse in many societal aspects present study aimed to assess virtual world and its influences on important spheres, including the global economy, education, and social Life. We conducted a systematic review of studies identified and narrowed down from ACM Digital Library, IEEE Xplore Digital Library, Scopus, Google Scholar, and the Learning and Technology Library databases. The inclusion criteria included studies published in English between January 2010 till March 2023 that explored or investigated the adoption of the Metaverse and its social, economic and academic effects on societies. The search yielded a total of 998 studies that were narrowed down to 8 studies after the screening according to guidelines about the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA), . Eight studies are included in the current review to report the effects of the Metaverse mainly on Education, Economy and society along with the ethical considerations.  The studies that have analyzed the economic impacts of the Metaverse are through tourism, retail and consumer behavior. The developments in the Metaverse benefit the global economy by improving marketing strategies, customer shopping experiences and the perceived rise in the GDP.  Similarly some studies analyzed the psychological impacts such as mental health, quality of life, and social interactions.  According to them, there will be rise in the quality of life expected from using the Metaverse thus creating better social interactions and improved mental status and quality. The Education sector was analyzed through implementation of 5G/6G into learning ad classroom experiences. It will also increase the access to educational opportunities was also reported by the reviewed studies to improve since the virtual worlds can be accessed from any part of the world with the required internet connection. The student's academic performance is also expected to improve, as reported by the studies. Current Metaverse has the potential to improve all the domains of the global society, including the economic and social sectors. Additional research and improvements in the virtual world's development are required to achieve a stable and safe electronic environment for all users.

Keywords: Metaverse, social impacts, psychological Impacts, Systematic Review, Economy, Education, Society, Ecology.