The development of neoantigen-based cancer vaccines represents a breakthrough in personalized immunotherapy due to their ability to elicit strong and effective tumor-specific immune responses. Unlike conventional cancer vaccines, neoantigen vaccines target mutations found explicitly in tumor cells, thus maximizing specificity and minimizing immune tolerance. The review explores the current status of neoantigen vaccines and their mechanisms, development, and clinical applications. In contrast, it also explores the challenges of personalized vaccines, such as identifying neoantigens and their manufacturing, along with biological factors and regulatory hurdles. Future innovations and strategies are discussed to overcome resistance and relapse. Critical issues like global access, equity, and scalability must be addressed for its more comprehensive implementation. This review article discusses the potential of neoantigen vaccines in cancer therapy, detailing ongoing research and clinical trials, while addressing the persistent challenges that must not be underestimated.