Over the past four decades, the Federal Emergency Management Agency (FEMA) has evolved into the lead federal agency for disaster preparedness, response, recovery, and mitigation in the United States. This review traces the history and emergence of U.S. emergency management, the organizational structure and governance mechanisms across federal, state, and local levels, and FEMA’s specific role therein. Drawing on official reports, policy analyses, and academic studies, it assesses FEMA’s performance through multiple perspectives and models. Early shortcomings, notable reforms (such as those following Hurricanes Andrew and Katrina), and its all-hazards approach are discussed. FEMA’s major achievements – including strengthening hazard mitigation, professionalizing emergency management, and managing large-scale disaster responses – are highlighted alongside enduring challenges like coordination gaps, resource constraints, and evolving threats (e.g., climate change). We argue that despite criticisms, FEMA has significantly improved U.S. emergency management capacity and remains indispensable for national resilience. The paper concludes with evidence-based recommendations for reform: elevating FEMA’s authority, better integrating disaster programs across agencies, enhancing performance management, and preparing for future hazards. These reforms are grounded in scholarly analysis and reinforce the central thesis that a robust FEMA is both relevant and necessary for effective disaster management in the U.S.