Space tourism has emerged as one of the most significant developments of the twenty-first century, driven by rapid technological innovation, growing private-sector participation, and humanity’s enduring interest in outer space. The transition from state-sponsored space missions to commercially operated human spaceflight has enabled private individuals to participate in suborbital and orbital journeys, transforming space travel into an emerging commercial industry. This paper examines space tourism through a multidisciplinary lens by analysing its historical evolution, technological foundations, economic prospects, ethical implications, environmental consequences, and legal challenges. The study finds that while space tourism offers substantial opportunities for innovation, economic growth, scientific advancement, and broader public engagement with space activities, it also generates significant concerns relating to social inequality, environmental sustainability, passenger safety, liability, and access to outer space. A central finding of the paper is that the existing international legal framework, particularly the Outer Space Treaty and related conventions, was developed primarily for state-led space activities and remains inadequately equipped to regulate contemporary commercial space tourism. Critical regulatory gaps persist in areas such as private operator liability, environmental protection, passenger safety standards, and transnational governance. In response, the paper advocates the development of a harmonised international regulatory framework under the guidance of international institutions such as the United Nations Committee on the Peaceful Uses of Outer Space (UNCOPUOS). It further recommends the adoption of stronger environmental safeguards, mandatory insurance and safety standards for commercial operators, and reforms to existing space governance mechanisms to accommodate private-sector participation while preserving the principle that outer space should be utilised for the benefit of all humankind. The paper concludes that effective and coordinated governance will be essential to ensuring the sustainable, equitable, and legally accountable growth of the global space tourism industry.