Primordial Black Holes: A Review of Formation and Evolution

Primordial Black Holes (PBHs) have emerged as a leading non-particulate candidate for dark matter and a unique cosmological probe, a paradigm shift accelerated by the detection of anomalous binary mergers by the LIGO-Virgo-KAGRA (LVK) collaboration. While the literature is rich with phenomenological constraints, the fundamental quantum and relativistic underpinnings governing PBH genesis and evolution often receive comparatively less emphasis. This review aims to bridge that gap by systematically detailing the physics of PBH formation and their subsequent evolutionary trajectory. We critically examine the hydrodynamic complexity of the early universe, establishing the relativistic thresholds for collapse, the non-linear race against sound in the primordial plasma, and the rigorous mathematical utility of the compaction function. Furthermore, by incorporating the dynamic nature of FLRW backgrounds, higher curvature corrections, and quantum backreaction via the memory burden effect, we challenge the standard hawking evaporation and show that extreme-curvature environments halt evaporation entirely, leaving Planck-scale relics that evade current extragalactic bounds. Finally, we map the multimessenger observational landscape, highlighting how the imminent search for sub-solar mass inspirals by next-generation gravitational wave observatories -- such as the Einstein Telescope and Cosmic Explorer -- could yield smoking-gun evidence for the PBH paradigm, ultimately transforming these primordial relics into unparalleled laboratories for high-energy physics.