In the digital age, metadata is essential for organizing, preserving, and accessing digital records. Metadata provides the foundational structure that enhances the discoverability and usability of digital collections by offering critical context about the records. This paper explores various types of metadata such as structural, descriptive, and administrative and their roles in records management. Key functions of metadata include improving information retrieval, ensuring record authenticity, and supporting long-term digital preservation through standards like the Dublin Core and FAIR principles. Despite its benefits, metadata management presents challenges, including inconsistent standards, the need for specialized user training, and limitations in current metadata creation tools. The paper includes case analyses, demonstrating metadata’s utility in diverse contexts such as healthcare, genetic data archiving, social media, and knowledge graph construction. These cases reveal how effective metadata practices foster interoperability and enrich user experience, ensuring digital records' continued accessibility and integrity. Addressing the current challenges will enable institutions to advance their metadata practices, ultimately strengthening the preservation and accessibility of digital resources.