Quantum computing, an interdisciplinary field blending quantum mechanics and computer science, holds promise to revolutionize computational capabilities. Unlike classical computers, which utilize bits to process information in a binary fashion, quantum computers deploy qubits, capable of existing in multiple states simultaneously due to superposition. This unique property, paired with entanglement, offers unparalleled processing power, positioning quantum computing to tackle problems deemed unsolvable by classical means. While heralded for potential applications in cryptography, drug discovery, and complex modeling, quantum computing faces challenges including decoherence, scalability, and error correction. This paper delves into the foundational principles of quantum computing, its current advancements, the vast applications it could revolutionize, and the significant challenges and societal implications it brings. Through comprehensive exploration, we aim to shed light on both the transformative potential of quantum computing and the hurdles that lay in its path.