Slip, trip, and fall (STF) incidents annually affect millions of people of all ages and genders, but older adults are more susceptible. In the elder population, general physical decline, age-related illnesses, mobility issues, and foot deformities play a major role and further aggravate the risk and severity of STFs. Although abundant factors have been found in the literature, shoes seem to be a major contributor to STF incidents. Shoes should not only support the basic functions of retaining stability and preventing foot aches but shield the foot and provide the necessary traction features needed to guard against possible STFs. However, the safety issues of shoes for elderly fall prevention have not been systematically explored. Thus, this study meticulously reviews the current research and practices on the effects of footwear on elderly fall prevention. The literature review was based on five main search keywords: footwear properties, older adults, slips, trips, and falls through the databases of Google Scholar, ScienceDirect, SCOPUS, MEDLINE, ResearchGate, and PubMed to find answers for the main questions on footwear effects against the elderly falls. The review was also focused on footwear design features: fit, fixation, heel height, collar height, slip resistance, and sole/insole hardness. It is expected that findings from this review study may contribute to the present literature by offering suggestions for optimal footwear choices to promote comfort, stability, and safety against STF incidents in older adults’ daily lives.