Renewable energy sources like wind energy are copiously available without any limitation. Wind turbines are used to tap the potential of wind energy, which is available in millions of MW. Reliability of wind turbine is critical to extract this maximum amount of energy from the wind. We reviewed different techniques, methodologies and algorithms developed to monitor the performance of wind turbine as well as for an early fault detection to keep away the wind turbines from catastrophic conditions due to sudden breakdowns. To keep the wind turbine in operation, implementation of condition monitoring system (CMS) and fault detection system (FDS) is paramount and for this purpose ample knowledge of these two types of systems is mandatory. So, an attempt has been made in this direction to review maximum approaches related to CMS and FDS in this piece of writing.