Accurate tool condition monitoring (TCM) is essential for the development of fully automated milling processes. However, while considerable research has been conducted in industrial and academic settings, the complexity of milling processes continues to complicate the implementation of TCM. This paper presents a review of the state-of-the-art methods employed for conducting TCM in milling processes. The review includes three key components: (1) sensors, (2) feature extraction, and (3) monitoring models for the categorization of cutting tool states in the decision-making process. In addition, the primary strengths and weaknesses of current practices are presented for these three components. Finally, this paper concludes with a list of recommendations for future research.