The discovery of gravitational waves resulting from the merger of two massive black holes (GW150914) has revolutionized our view of merging compact binaries. Recently, the Swope Supernova Survey of the optical counterpart of a gravitational wave event in the NGC 4993 galaxy, GW170817, emanating from the merger of two neutron stars, has triggered a lot of research work. Emphasis has been on comparing the existing theoretical models with the observational data, allowing for the prospect of an even more stringent test of general relativity. The afterglow of this event was observed in a wide range of wavelengths extending from radio waves to gamma rays. In this work, we first explore the evolutionary pathways of compact binary systems following the in-spiral, merger, and ring down sequence. We then proceed to discuss the processes leading to the production of gravitational waves and electromagnetic emission resulting from the merger of compact objects, particularly neutron star binaries and neutron star-black hole systems. We construct a basic inventory of the energy released during the merger of compact binaries in all bands of the electromagnetic spectrum with emphasis on gamma-ray burst emission. The constraints on certain wavelength emissions, such as gamma-ray bursts, are discussed in terms of orbital dynamical instabilities, energy transfer processes, and possible jet orientations with respect to the observer. Finally, we explore the futuristic perspective of the impact of gravitational waves detection on our understanding of the working of the universe.
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