Different telemetry techniques have been tested and used in the oil and gas industry to acquire data via downhole monitoring. However, the rate at which conventional telemetry systems transmit data is low. In order to address this problem, some telemetry techniques have been proposed. The wired and wireless drill pipes are among the contending classifications of telemetry techniques used in downhole monitoring. This review provides an in-depth overview of the existing and researched methods of downhole monitoring by highlighting their particular challenges and innovations for which the wireless drill pipe based on visible light communication techniques proves to be promising as an optimal telemetry technique. The review will guide future research studies in the common area of interest in downhole monitoring. The study will contribute significantly to the oil and gas industry by investigating the effectiveness of emerging technologies such as visible light communication technology in transmitting data at a very high rate compared to the existing telemetry techniques.