The global production of hazardous waste poses significant threats to both human health and the environment, underscoring the need for effective waste management solutions. While prior research has largely focused on technological approaches, there has been less emphasis on comprehensively evaluating risks, policy efficacy, and the integration of sustainable practices across various socioeconomic contexts. This study aims to enhance hazardous waste management by incorporating risk analysis, assessing policy effectiveness, and promoting sustainable solutions. A narrative review methodology was employed to analyze journal articles, government reports, and international recommendations related to hazardous waste management. The study highlights the importance of conducting thorough risk analyses that consider both the direct and indirect effects of hazardous waste disposal on health and the environment. It also reveals that current policies often fail to uniformly integrate advanced technical and sustainable practices across different regions due to varying economic and regulatory conditions. The research investigates viable alternatives, such as waste minimization practices, recycling, and recovery techniques; only a small percentage of these practices have been adopted or mandated. These results highlight the importance of a more holistic approach to hazardous waste management that incorporates risk assessment and policy reform along with green practices. A robust multimodal approach that considers risk analysis, policy frameworks, and sustainability for waste management is must.