Masonry is among the most widely used construction materials around the world. Contemporary masonry buildings are primarily designed to comply with prescriptive building code regulations. In recent decades, performance-based design (PBD) has gained increasing attention and achieved significant success in critical structures or infrastructure systems. Instead of being the first mover, the masonry research and practice community can be a faster follower in response to the design paradigm shift towards PBD for masonry buildings. A reliable performance assessment of masonry buildings is of paramount importance in the PBD framework. To facilitate this, this paper presents an up-to-date comprehensive literature review of experimental and analytical studies with emphasis on their contributions to advancement towards performance assessment of masonry buildings. This review categorized available works into two sub-topics: (1) traditional unreinforced masonry and (2) modern reinforced masonry. In each sub-topic, studies focusing on the structural behaviors of masonry at the component-level (i.e., masonry wall) are discussed first, followed by the building system-level-related studies. Through this literature review, the current state of the art and remaining research gaps are identified to provide guidance for future research needs and to pave the way for implementing PBD in the masonry industry.