Entomopathogenic nematodes (EPNs) have garnered considerable scholarly and applied interest as one of the most efficacious biological control agents in agricultural pest management and the production of healthy, high-quality crops. These microscopic organisms, in concert with their symbiotic bacterial partners, play a pivotal role in the sustainable regulation of pest populations, exerting minimal deleterious effects on environmental integrity. Consequently, they present a viable and ecologically sound alternative to conventional chemical pesticides in the management of major agricultural arthropod pests. EPNs are amenable to mass propagation on both artificial and natural media, and their application is compatible with standard agronomic delivery systems. Furthermore, they possess a remarkable capacity for short- to medium-term storage, remaining viable for several months, and exhibit a broad spectrum of activity against diverse pest taxa. Given the aforementioned attributes and the escalating global imperative for sustainable agricultural practices, entomopathogenic nematodes are assuming an increasingly prominent role as integral components of durable pest management frameworks. This review provides a critical and integrative synthesis of the historical trajectory of EPN discovery and the evolution of related research, encompassing their fundamental biological characteristics, advanced commercialization and formulation strategies, contemporary molecular advances, and the principal challenges and future prospects for their deployment in sustainable agriculture. The synthesized findings underscore that the development of sophisticated formulations, coupled with a more nuanced understanding of their ecological dynamics and interspecific interactions, constitutes the linchpin for their successful integration into comprehensive integrated pest management (IPM) programs.