Conflict is an unavoidable element of human interactions. Within the framework of business organizations, the ability to effectively resolve conflicts remains pivotal to preserving a pleasant and productive work environment. The present work looks at the definitions of conflict that enlist its key factors and shows how conflict is inherent in human interaction in their workplaces. This paper highlights the common types of conflict usually exhibited in organizations and examines the sources and causes of conflict. This study considers in detail six theories on managing conflict, including Thomas-Kilmanns Conflict Mode Instrument (TKI), Integrative Negotiation Theory, Interest-Based Theory (Fisher & Urys Principled Negotiation), Mediation and Third-Party Interventions, Conflict Transformation Theory, and Cultural Intelligence and Cross-Cultural Conflict Resolution Theory. Towards the end, some steps and strategies have been shared to resolve conflicts and increase organizational effectiveness, as suggested by various researchers.