Medication-related adverse events (MRAEs) pose a significant challenge in healthcare settings, particularly among hospitalized patients. Nurses and pharmacists play crucial roles in mitigating these events through various interventions. This review article aims to examine the effectiveness of nursing and pharmacist interventions in reducing MRAEs among hospitalized patients. A comprehensive literature search was conducted, and relevant studies published in the past decade were included. The findings suggest that collaborative efforts between nurses and pharmacists have a substantial impact on minimizing medication errors, adverse drug reactions, and other MRAEs. Nursing interventions such as medication reconciliation, patient education on drug regimens, and close monitoring for side effects have shown promising results in preventing MRAEs. Pharmacists contribute significantly by conducting medication reviews, providing drug information to healthcare teams, and ensuring appropriate medication use. The synergy between these two healthcare professionals enhances medication safety and improves patient outcomes. Furthermore, the review highlights the importance of interdisciplinary communication and teamwork in addressing medication-related challenges. Strategies like interprofessional education, standardized protocols for medication management, and technological solutions have been instrumental in reducing MRAEs. Additionally, the role of electronic health records in facilitating medication safety initiatives is emphasized. In conclusion, nursing and pharmacist interventions play a pivotal role in reducing medication-related adverse events in hospitalized patients. By working collaboratively and utilizing their unique skills and expertise, these professionals can enhance medication safety, improve patient care quality, and ultimately reduce healthcare costs associated with MRAEs. Future research should focus on evaluating the long-term impact of these interventions and exploring innovative approaches to further enhance medication safety in hospital settings.