► We review the literature on FMEA published between 1992 and 2012. ► We use a classification framework to classify 75 papers by the approaches used. ► The most important shortcomings, the most popular approaches and their inadequacies are identified. ► We offer directions for future research to address the FMEA deficiencies. Failure mode and effects analysis (FMEA) is a risk assessment tool that mitigates potential failures in systems, processes, designs or services and has been used in a wide range of industries. The conventional risk priority number (RPN) method has been criticized to have many deficiencies and various risk priority models have been proposed in the literature to enhance the performance of FMEA. However, there has been no literature review on this topic. In this study, we reviewed 75 FMEA papers published between 1992 and 2012 in the international journals and categorized them according to the approaches used to overcome the limitations of the conventional RPN method. The intention of this review is to address the following three questions: (i) Which shortcomings attract the most attention? (ii) Which approaches are the most popular? (iii) Is there any inadequacy of the approaches? The answers to these questions will give an indication of current trends in research and the best direction for future research in order to further address the known deficiencies associated with the traditional FMEA.