This paper reviews the state-of-the-art in deepfake generation and detection, focusing on modern deep learning technologies and tools based on the latest scientific advancements. The rise of deepfakes, leveraging techniques like Variational Autoencoders (VAEs), Generative Adversarial Networks (GANs), Diffusion models and other generative models, presents significant threats to privacy, security, and democracy. This fake media can deceive individuals, discredit real people and organizations, facilitate blackmail, and even threaten the integrity of legal, political, and social systems. Therefore, finding appropriate solutions to counter the potential threats posed by this technology is essential. We explore various deepfake methods, including face swapping, voice conversion, reenactment and lip synchronization, highlighting their applications in both benign and malicious contexts. The review critically examines the ongoing "arms race" between deepfake generation and detection, analyzing the challenges in identifying manipulated contents. By examining current methods and highlighting future research directions, this paper contributes to a crucial understanding of this rapidly evolving field and the urgent need for robust detection strategies to counter the misuse of this powerful technology. While focusing primarily on audio, image, and video domains, this study allows the reader to easily grasp the latest advancements in deepfake generation and detection.