Selecting the appropriate maintenance type is a challenging task that involves multiple criteria working together. This decision has a significant impact on the organization and its overall market sustainability. The primary categorization of maintenance consists of two main types: corrective maintenance and preventive maintenance. All other classifications are encompassed within these two categories. For instance, preventive maintenance can be further classified as either predictive maintenance or periodic maintenance. Given the importance of this decision, this paper discusses the optimal maintenance type under different conditions. The scale of the business, the cost of machine failure, the effect of machine failure on the production schedule, the effect of machine failure on worker safety and the workplace environment, the availability of spare parts, the lifespan of the machine, and the manufacturing process are some of the factors that are covered in this paper. This paper primarily aims to present a comprehensive literature review concerning the strategic decision-making process for selecting the appropriate maintenance type under varying conditions. Additionally, the paper incorporates various models and visual aids within its content to facilitate and guide the decision-making procedure. Corrective maintenance is usually necessary in the case of small companies, significant impact on business or production plans due to failures, potential risks to public safety, ready availability of spare parts, and when production processes are not interdependent. If these parameters are not met, preventive maintenance can be a better option. Since these circumstances frequently do not occur simultaneously, it is imperative for the business to give them significant consideration.