Groundwater supplies approximately half of the total global domestic water demand. It also complements the seasonal and annual variabilities of surface water. Monitoring of groundwater fluctuations is mandatory to envisage the composition of terrestrial water storage. This research provides an overview of traditional techniques and detailed discussion on the modern tools and methods to monitor groundwater fluctuations along with advanced applications. The groundwater monitoring can broadly be classified into three groups. The first one is characterized by the point measurement to measure the groundwater levels using classical instruments and electronic and physical investigation techniques. The second category involves the extensive use of satellite data to ensure robust and cost-effective real-time monitoring to assess the groundwater storage variations. Many satellite data are in use to find groundwater indirectly. However, GRACE satellite data supported with other satellite products, computational tools, GIS techniques, and hydro-climate models have proven the most effective for groundwater resources management. The third category is groundwater numerical modeling, which is a very useful tool to evaluate and project groundwater resources in future. Groundwater numerical modeling also depends upon the point-based groundwater monitoring, so more research to improve point-based detection methods using latest technologies is required, as these still play the baseline role. GRACE and numerical groundwater modeling are suggested to be used conjunctively to assess the groundwater resources more efficiently.