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Education has occupied a central position in debates on socio-economic development for more than half a century. From early economic theories that framed education as an investment in human capital to contemporary approaches that view education as a process of capability expansion and social transformation, scholars have sought to understand how education shapes development outcomes. This article presents a critical narrative review of major theoretical perspectives and empirical studies on the relationship between education and socio-economic development. Drawing on economics, sociology, and development studies, the review examines human capital theory, modernization perspectives, the capability approach, and social reproduction theory, alongside empirical evidence from both developed and developing contexts. The article argues that while education contributes significantly to economic growth and social mobility, its developmental impact is contingent upon structural conditions, institutional quality, and patterns of inequality. By synthesising diverse strands of literature, the paper highlights the limits of education-led development models and calls for a more context-sensitive and equity-oriented understanding of education's role in socio-economic change.