Emerging of social media creates inconsistencies in online news, which causes confusion and uncertainty for consumers while making decisions regarding purchases. On the other hand, in existing studies, there is a lack of empirical and systematic examination observed in terms of inconsistency regarding reviews. The spreading of fake news and disinformation on social media platforms has adverse effects on stability and social harmony. Fake news is often emerging and spreading on social media day by day. It results in influencing or annoying and also misleading nations or societies. Several studies aim to recognize fake news from real news on online social media platforms. Accurate and timely detection of fake news prevents the propagation of fake news. This paper aims to conduct a review on fake news detection models that is contributed by a variety of machine learning and deep learning algorithms. The fundamental and well-performing approaches that existed in the past years are reviewed and categorized and described in different datasets. Further, the dataset utilized, simulation platforms, and recorded performance metrics are evaluated as an extended review model. Finally, the survey expedites the research findings and challenges that could have significant implications for the upcoming researchers and professionals to improve the trust worthiness of automated fake news detection models.