Combined and progestogen-only oral contraceptive pills (OCPs) are among the most widely used reversible methods of fertility control worldwide, yet their physiological and psychological effects remain debated across multiple clinical domains. This manuscript synthesizes findings from seventeen recent publications—systematic reviews, meta-analyses, randomized trials, cohort studies, and cross-sectional surveys—covering the cognitive, cardiovascular, metabolic, musculoskeletal, psychological, and reproductive effects of OCPs, together with their history, therapeutic applications, and emerging formulations. Effects prove domain- and formulation-specific: OCP use is associated with modest gains in verbal memory, while venous thromboembolism risk and inflammatory markers vary by progestin generation and androgenic activity. Findings on mortality, mood, and exercise-related muscle damage are similarly mixed, and methodological heterogeneity across the literature limits firm conclusions in several domains. Non-contraceptive use—particularly for menstrual disorders and polycystic ovary syndrome—is common and clinically valuable, although weight-related concerns remain a leading driver of discontinuation. This synthesis supports individualized, progestin-informed prescribing and identifies persistent gaps in long-term, high-quality comparative evidence.