The novel coronavirus, SARS-CoV-2 has posed a major threat to global education and research in STEM and healthcare. Social distancing guidelines were initially recommended to refrain from face-to-face operations for preventing the transmission of the virus. As schools and higher academic institutions implemented multifarious methods to effectively transition to remote/online or hybrid educational formats, the Coronavirus Infectious Disease 2019 (COVID-19) pandemic introduced further hurdles and necessitated designing, adopting, as well as evaluating the efficacy of new instructional approaches, especially for disciplines that require active, experiential learning such as healthcare and STEM. These effects are accentuated in less developed/developing nations or underprivileged communities where access to technology and reliable internet connection can be a challenge, making it difficult to attain education virtually. Nevertheless, the pandemic has propelled remarkable innovations in education centering around these subjects. Additionally, COVID-19 has disrupted research and training in STEM and healthcare. With recurrent waves of the viral infection worldwide, fostering projects towards virology research, vaccine development, and healthcare management have become crucial. Continuing both laboratory and clinical research has also become onerous, with a decrease in the supply of resources and laboratory staff members. This comprehensive literature review encapsulates notable case studies highlighting global impacts of COVID-19 on education and research in healthcare and STEM, and presents strategies implemented to mitigate the adverse effects of the pandemic faced by these sectors in underdeveloped as well as developed countries. The analysis would help improve the content, delivery, and efficacy of research and education in healthcare and STEM.