•Drop impact is reviewed in terms of heat transfer mechanisms and predictive tools.•It is segregated into film evaporation, nucleate, transition and film boiling.•Inconsistencies are found regarding impact process and ensuing heat transfer.•Recommendations are provided for future research. This paper provides a comprehensive review of published literatures concerning the fluid mechanics and heat transfer mechanisms of liquid drop impact on a heated wall. The review is divided into four parts, each centered on one of the main heat transfer regimes: film evaporation, nucleate boiling, transition boiling, and film boiling. Each of these regimes is discussed in detail in terms of available depictions of drop deformation and/or breakup, proposed heat transfer mechanisms, predictive correlations and/or models. It is shown that understanding the underlying physics for each heat transfer regime is highly dependent on the experimental methods that investigators have adopted, and broadness of available databases in terms of liquid type, drop size and momentum, impact angle, and wall material and surface roughness. Despite significant advances in experimental, theoretical and computational research in understanding the interfacial behavior of the drop from the moment of impact, there are many inconsistencies concerning some of the most important aspects of the impact process and ensuing heat transfer, especially in regards to critical heat flux, transition boiling, and the Leidenfrost point. This review is concluded with recommendations concerning future work that is needed to address poorly understood and/or contradictory issues.