Bouc (1992) first studied the topological properties of $M_n$, the matching complex of the complete graph of order $n$, in connection with Brown complexes and Quillen complexes. Björner et al. (1994) showed that $M_n$ is homotopically $(ν_n-1)$-connected, where $ν_n=\lfloor{\frac{n+1}{3}}\rfloor-1$, and conjectured that this connectivity bound is sharp. Shareshian and Wachs (2007) settled the conjecture by inductively showing that the $ν_n$-dimensional homology group of $M_n$ is nontrivial, with Bouc's calculation of $H_1(M_7)$ serving as the pivotal base step. In general, the topology of $M_n$ is not very well-understood, even for a small $n$. In the present article, we look into the topology of $M_n$, and $M_7$ in particular, in the light of discrete Morse theory as developed by Forman (1998). We first construct a gradient vector field on $M_n$ (for $n \ge 5$) that doesn't admit any critical simplices of dimension up to $ν_n-1$, except one unavoidable $0$-simplex, which also leads to the aforementioned $(ν_n-1)$-connectedness of $M_n$ in a purely combinatorial way. However, for an efficient homology computation by discrete Morse theoretic techniques, we are required to work with a gradient vector field that admits a low number of critical simplices, and also allows an efficient enumeration of gradient paths. An optimal gradient vector field is one with the least number of critical simplices, but the problem of finding an optimal gradient vector field, in general, is an NP-hard problem (even for $2$-dimensional complexes). We improve the gradient vector field constructed on $M_7$ in particular to a much more efficient (near-optimal) one, and then with the help of this improved gradient vector field, compute the homology groups of $M_7$ in an efficient and algorithmic manner. We also augment this near-optimal gradient vector field to one that we conjecture to be optimal.