The tool life prediction related detailed review has been done in the present work considering flank wear as the main criteria of tool failure. Taylor's extended tool life equation has been considered for the prediction. The different cutting parameters are considered and varied for optimization of tool life and to find the dominant affecting parameter amongst them. Different methods and approaches like Taguchi method, regression analyses have been considered here for tool life prediction. The areas for further required research of most optimized methods for tool life prediction with maximum accuracy have been discussed towards the end