The world has become a global village. Today applications are developed which require sharing of resources dispersed geographically to fulfill the need of the users. In most cases applications turn out to be time bound thus leading to Real Time Distributed System (RTDS). Online Banking, Online Multimedia Applications, Real Time Databases, and Missile tracking systems are some examples of these types of applications. These applications face many challenges in the present scenario particularly in resource management, load balancing, security, and deadlock. The heterogeneous nature of the system exacerbates the challenges. This paper provides a widespread survey of research work reported in RTDS. This review has covered the work done in the field of resource management, load balancing, deadlock, and security. The challenges involved in tackling these issues is presented and future directions are discussed.