Recent advances in computer networking, smart cities, smart grid, remote sensing, surveillance, telecommunication, and social media have led to a high volume of streaming data. The amount of data generated for the past two years is more than what has been in the history of the entire human race. This high volume, high‐traffic, and brief life‐span data need online analysis and intelligent processing to uncover useful and exciting information that is contained in them. To expand the existing knowledge in the domain of data science, broad areas on streaming data and data streams, which embrace data stream mining issues, streaming data tools and technologies, streaming data pre‐processing, streaming data algorithms, and strategies for processing data streams, were discussed in this article. The article also recommends the best practices for managing data streams and suggests the way forward.