The proliferation of space debris poses an existential threat to future space exploration and satellite operations. Currently, over 130 million debris objects larger than 1mm orbit Earth, with collision probabilities increasing exponentially. This research investigates innovative mitigation strategies including active debris removal, orbital decay acceleration, and prevention technologies. We developed mathematical models for debris trajectory prediction and evaluated the effectiveness of magnetic tethers, solar sails, and robotic capture systems. Economic analysis reveals that preventive measures cost 15x less than active removal. Our findings provide a comprehensive framework for international space agencies to implement sustainable orbital practices and protect the space environment for future generations.