Cloud computing has completely transformed how users access and use applications, services, and data. This study provides a thorough analysis of cloud computing, including its history, key features, the role of virtualization in cloud environments, and various cloud service models. From the introduction of time-sharing in the 1960s to its widespread adoption in the 2000s, cloud computing has evolved significantly. The properties of cloud computing, such as resource pooling, on-demand self-service, measured service, resilience, and rapid flexibility, are examined in this research. Virtualization plays a crucial role in cloud computing by enabling efficient resource utilization, scalability, and workload separation. A detailed discussion of several virtualization techniques, including multitenancy, containerization, and hypervisors, is provided. The advantages and drawbacks of each method are also compared in the paper to help readers select the most suitable approach for specific use cases. The functions, deployment models, customization options, scalability, and service examples of cloud service models—Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)—are described. Additionally, the study explores cloud deployment options, such as community, multi-cloud, hybrid, public, and private models, each with its own unique features. This article offers a comprehensive overview of cloud computing, making it an invaluable resource for both beginners and experts. It enables informed decision-making and the successful deployment of cloud technologies to meet various business needs.