Braking system plays a vital role in mechanical industry. Nowadays, research is in progress for development of more efficient braking systems. One of them is Eddy Current Braking System (ECBS). Principle of operation of ECBS is based on Lorentz's Force which is produced due to secondary magnetic field of induced eddy currents. In the past, most of the mathematical models of ECBS have considered uniform distribution of induced currents and ignored the Skin Effect. Recent research shows that considering the Skin Effect, significant deviation in braking torque is obtained and hence it cannot be neglected. In this paper, we have reviewed the ECBS considering the skin effect and the parameters affecting its performance.