Forging is a primary manufacturing process used in several manufacturing industries. Aircraft and automobile industries are manufacturing products with high‐dimensional accuracy and quality that are highly precise or near the required shape. Customers require products that are free of cracks and fulfill their functional requirements. This leads to the advancement of the forging process due to its ability to form complicated and intricate shapes. Herein, a detailed review of the aspects of forging is given in which the optimization of factors like preform design, forging conditions, workpiece dimensions, die design, lubricant properties, and thermal treatment parameters are discussed, enhancing the tool life and forging quality of the product. The selection of die‐forging tool material and methods for enhancing the surface quality of forged products are also reviewed. The article also presents methods for measurement of forging quality, tool life, machine effectiveness, forging image acquisition, and forging parameters, which can significantly reduce the risk of error at every step of the forging process. This review serves as a reference for researchers to increase production rate, enhance the effectiveness of measurement system, and improve the quality of forged products with technological advancement.