Although disinformation is not a new problem and challenge, it has become a popular topic of discussion and even a buzzword with many different dimensions. Disinformation carries both social and political implications. Hence a multidimensional approach is needed to understand the effects of disinformation, its nature, and the strategies that can counter it. To comprehend the significant challenges disinformation presents to societies, one must understand and analyze the dynamics and context of our current media ecosystem. In addition, the criteria defining disinformation and approaches and frameworks developed for detecting disinformation are important components in adopting policies to address the challenges and problems associated with it. Thus, policies developed to counter disinformation are intrinsically tied to the semantic debates surrounding it. Consequently, this study aims to provide a comprehensive and concise overview of disinformation, its effects, the literature and the approaches developed to tackle disinformation-related challenges.