Starting from accelerated industrial development, industrial disasters (chemical spills, explosions, nuclear accidents, etc.), which fall under man-made (technological) disasters, increasingly threaten human lives, the environment, and property. Their complexity and far-reaching consequences, both at the local and global levels, require effective management of industrial risks and the disasters themselves (preparedness, mitigation, response, and recovery). For these reasons, the review paper aims to provide a holistic description of the diverse causes, dynamics, and multidimensional consequences of disasters. Additionally, it highlights and explains the key factors that directly or indirectly contribute to their occurrence. Furthermore, it could be said that the paper analyzes existing strategies for managing risks from industrial disasters and systematizes recommendations for improving preventive and reactive measures in high-risk industries. On the other side, the paper utilizes a comprehensive literature review, which involves the systematic identification, review, analysis, and critical evaluation of existing scientific papers, studies, reports, and regulatory documents on industrial disasters. Besides that, it also includes a detailed analysis of well-known industrial disaster cases such as Seveso (Italy, 1976), Bhopal (India, 1984), Chernobyl (Ukraine, then USSR, 1986), and Fukushima (Japan, 2011). The paper emphasizes that industrial disasters are often the result of the combined influence and interaction of technical failures, human errors, and inadequately developed safety procedures. Moreover, it can be highlighted that the design and implementation of preventive measures, such as regular maintenance of technical systems and systematic training and education of employees, are crucial for reducing the likelihood of such catastrophic events. The implications of this review paper are multifaceted and point to the following: the need to reassess current safety practices in industries; reconsider the potential for introducing innovations in preventive technical-technological solutions; examine the thorough implementation of innovative early warning systems, safety procedures, and modern equipment in facilities; improve cooperation between engineers, safety managers, and regulatory workers; reassess the need for additional updates and tightening of regulations regarding the storage, transport, and use of hazardous materials in industry; and improve the management of risks from industrial disasters.