Inland water bodies (particularly ponds) emit a significant amount of greenhouse gases (GHGs), particularly methane (CH4), carbon dioxide (CO2), and a comparatively low amount of nitrous oxide (N2O) to the atmosphere. In recent decades, ponds (<10,000 m2) probably account for about 1/3rd of the global lake perimeter and are considered a hotspot of GHG emissions. High nutrients and waterlogged conditions provide an ideal environment for CH4 production and emission. The rate of emissions differs according to climatic regions and is influenced by several biotic and abiotic factors, such as temperature, nutrients (C, N, & P), pH, dissolved oxygen, sediments, water depth, etc. Moreover, micro and macro planktons play a significant role in CO2 and CH4 emissions from ponds systems. Generally, in freshwater bodies, the produced N2O diffuses in the water and is converted into N2 gas through different biological processes. There are several other factors and mechanisms which significantly affect the CH4 and CO2 emission rate from ponds and need a comprehensive evaluation. This study aims to develop a decisive understanding of GHG emissions mechanisms, processes, and methods of measurement from ponds. Key factors affecting the emissions rate will also be discussed. This review will be highly useful for the environmentalists, policymakers, and water resources planners and managers to take suitable mitigation measures in advance so that the climatic impact could be reduced in the future.