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In recent times, Ambient Assisted Living has emerged as Smart Living. Smart living is a subset of ambient intelligence, which uses the latest technologies, intellectual processes, and ambient intelligent methodologies to enable house residents to live independently with a virtual companion 24 × 7. Typically, these residents are highly engrossed in the daily routine activities that they tend to ignore certain acoustic events attributing them to the white noise caused due to tap water leakage, flush water leakage, the acoustics of door opening/closing, cupboard opening/closing, curtain opening/closing, television, shower, radio, chair and many more. These unattended events lead to a waste of critical energy resources such as electricity, water, and gas and may cause accidents in some cases. For the conducted experiments, a customized dataset termed as “unknown-2000” and ESC-50 has been used, which has more than 2000 audio sound classification samples. The customized dataset is used for the conducted experiments, consisting of various length acoustic events ranging from 2 s to 10 s. In the proposed review, we have identified, analyzed, and evaluated resident acoustic events using Librosa machine learning libraries, texture analysis using LBP methodology, LSTM-CNN, SVM, KNN, LSTM, Bi-LSTM, and Decision Tree-based classification approaches. Furthermore, in the proposed approach, based on the conducted rigorous and detailed analysis, we are also envisioning the prospective ways to enhance smart living concepts by proposing a novel Acoustic Event Detection and Classification System. The investigation results validate the success of the proposed approach. The obtained results indicate that the customized version of the LSTM-CNN based classification approach used in the conducted experiment has outperformed all the other customized classification approaches, such as SVM, KNN-based classification, C4.5 decision tree-based classification, LSTM, and Bi-LSTM based classification. The LSTM-CNN based classification model has achieved an average value of approximately 0.77 and a standard deviation of 0.2295. Furthermore, the obtained experiential results show that the proposed approach has produced a good performance in various noisy conditions such as SNR0, SNR3, SNR6, SNR9, SNR12, and SNR15. The system classification accuracy has been enhanced to 77% for various acoustic events of a residence. In the end, a detailed comparison of LBP and without LBP approaches has been carried out, which proves that the combination of LBP and LSTM-CNN classification approach provides better results than without the LBP classification approach. The proposed Ambient Acoustic Event Assistive Framework is a cost-effective alternative due to the use of low-cost microphone sensors in the conducted experiments.