Firmware security is a critical aspect of modern computing, as firmware serves as a crucial bridge between hardware and higher-level software. However, firmware is often overlooked and can be susceptible to various challenges and vulnerabilities that threaten the security of embedded systems. This survey paper presents an in-depth exploration of firmware security, encompassing the challenges faced in securing firmware, common vulnerabilities prevalent in firmware code, and effective mitigation strategies to safeguard against potential threats. We delve into the intricacies of firmware analysis techniques, secure boot mechanisms, hardware-based security, and firmware update processes to address the vulnerabilities present in firmware. Furthermore, we discuss the importance of continuous monitoring, threat modelling, and best practices to enhance the overall security posture of firmware-based systems. The paper aims to serve as a comprehensive resource for researchers, practitioners, and industry professionals interested in comprehending the multifaceted landscape of firmware security and taking proactive measures to safeguard their embedded systems.