Rock fragmentation in mining and construction industries is widely achieved using drilling and blasting technique. The technique remains the most effective and efficient means of breaking down rock mass into smaller pieces. However, apart from its intended purpose of rock breakage, throw, and heave, blasting operations generate adverse impacts, such as ground vibration, airblast, flyrock, fumes, and noise, that have significant operational and environmental implications on mining activities. Consequently, blast impact studies are conducted to determine an optimum blast design that can maximize the desirable impacts and minimize the undesirable ones. To achieve this objective, several blast impact estimation empirical models have been developed. However, despite being the industry benchmark, empirical model results are based on a limited number of factors affecting the outcomes of a blast. As a result, modern-day researchers are employing machine learning (ML) techniques for blast impact prediction. The ML approach can incorporate several factors affecting the outcomes of a blast, and therefore, it is preferred over empirical and other statistical methods. This paper reviews the various blast impacts and their prediction models with a focus on empirical and machine learning methods. The details of the prediction methods for various blast impacts—including their applications, advantages, and limitations—are discussed. The literature reveals that the machine learning methods are better predictors compared to the empirical models. However, we observed that presently these ML models are mainly applied in academic research.