This review underscores the critical need for effective strategies to identify and support individuals with suicidal ideation, exploiting technological innovations in ML and DL to further suicide prevention efforts. The study details the application of these technologies in analyzing vast amounts of unstructured social media data to detect linguistic patterns, keywords, phrases, tones, and contextual cues associated with suicidal thoughts. It explores various ML and DL models like SVMs, CNNs, LSTM, neural networks, and their effectiveness in interpreting complex data patterns and emotional nuances within text data. The review discusses the potential of these technologies to serve as a life-saving tool by identifying at-risk individuals through their digital traces. Furthermore, it evaluates the real-world effectiveness, limitations, and ethical considerations of employing these technologies for suicide prevention, stressing the importance of responsible development and usage. The study aims to fill critical knowledge gaps by analyzing recent studies, methodologies, tools, and techniques in this field. It highlights the importance of synthesizing current literature to inform practical tools and suicide prevention efforts, guiding innovation in reliable, ethical systems for early intervention. This research synthesis evaluates the intersection of technology and mental health, advocating for the ethical and responsible application of ML, DL, and NLP to offer life-saving potential worldwide while addressing challenges like generalizability, biases, privacy, and the need for further research to ensure these technologies do not exacerbate existing inequities and harms.