Electric vertical take-off and landing aircraft-based urban air mobility (UAM) service in conjunction with personal flying cars are anticipated to offer mobility benefits in terms of reduced travel time, alleviate demand from overburdened ground transportation systems; and bring forth a paradigm shift in travel patterns. Furthermore, uncrewed aerial vehicles or drones have significant potential in package and food delivery and in various disaster responses. In this context, this paper aims to provide a systematic review of current research and studies covering crucial aspects of urban air mobility and flying car ecosystems including public perception, potential market demand, infrastructure requirements, operations and traffic management processes, and policy formulation. Insights offered by the current studies encompassing these areas are summarized and discussed in this paper.