The increasing energy demand and technological advancements contribute to environmental and energy crises. Addressing these challenges requires exploring sustainable resources and two-dimensional (2D) materials. γ-Graphyne (γ-GY), a mono-element material, offers controllability, stability, and easy integration into manufacturing, showing promise for diverse scientific and technological applications. The review covers reactivity control, electronic property tailoring, and active functionalities in pristine γ-GY, compositional γ-GY, hybridized γ-GY and coordinated γ-GY along with synthesis, characterization, and potential in material advancements, sustainability, and commercial viability. It discusses other emerging materials like transition metal dichalcogenides, oxides, and carbon family members. Valuable insights on addressing energy scarcity, pollution, catalytic and electronic applications, and human health are provided, motivating further research for novel applications. The paper explores new possibilities for utilizing γ-GY-based materials in environmental concerns, high-performance electronics, and biomedicine. The review offers valuable guidance for future research, emphasizing the importance of 2D materials like γ-GY in building a sustainable and technologically advanced society.