It is impossible to answer this in detail in a short manner, but I can give a few pointers. Generally the field can be divided into sort of a maximalist - minimalist way of interpreting the subject. On one hand you have researchers who consider The Old Testament a reliable source unless proven otherwise and on the other hand you have the researchers who don't accept anything that is not verified by external sources. Another way is to divide the academic research into positivist, humanist and ideological history (K.L. Noll). Positivists don't accept anything that is not verifiable or falsifiable and much of the ancient Kanaan history doesn't fall into either category.

So what hypotheses can be supported with reliable confidence regarding Ancient Israel and the Bible? The majority of the Pentateuch (first five books) are considered to be myth by scholars. There is no evidence to support the stories about tower of Babel, Noahs ark or even Moses and the Exodus although we have quite a good understanding of where the origin of these stories might come from (Epic of Gilgamesh for example). Joshua and Judges are also considered to be fiction although some poems might date to 11th century BCE. The emergence of the Israelites in Kanaan was a gradual process and didn't likely follow an exodus from Egypt. There are however theories that suggest that the exodus story might have had some basis on people called Hyksos, Shasu or Habiru.

After this we start to enter accounts that are somewhat historical. I'm inclined to think that the stories about David and Solomon are not true as such, but this is not a view all researchers share. It is possible that the story of Solomon was copied from King Ahab of Israel and edited by Judean scribes to make their origin story greater than their more powerful northern neighbour Israel. Archeology supports the hypothesis that the Kingdom of Israel emerged first followed by Judah later in the 9th century BCE. Thus it is more probable that David and Solomon, if they have existed, were nothing more than tribal chieftains in Judah overshadowed by the Israeli kings in the north.

Starting from the 9th century BCE we start finding external sources that confirm many stories in the Bible. For example the Assyrian siege of Jerusalem in around 701 BCE is found in the Bible in Isaiah, Kings and Chronicles but it can also be verified by Assyrian accounts and archeological findings, more precisely from a boatload of Assyrian arrowheads. There are still many accounts where the Bible doesn't match what we know from other sources. For example the return from Babylonian captivity and rebuilding of Jerusalem in the supposed late 6th century BCE is contested by archeological finds which date it earliest to 450 BCE.

It's an extremely interesting topic and one greatly contested except for the earliest accounts which are widely considered mythological by historians at least. Two great books on this subject are The Oxford History of the Biblical World edited by Michael D. Coogan and Canaan and Israel in Antiquity: A Textbook on History and Religion by K. L. Noll.

EDIT: Grammar