With the ongoing increase in complexity, less tolerance to performance degradation and safety requirements of practical systems has increased the necessity of fault detection (FD) as early as possible. During the last few decades, many research findings have been developed in fault diagnosis that addresses the issue of fault detection and isolation in linear and nonlinear systems. The paper’s objective is to present a survey on various state-of-art model-based FD techniques developed for linear time-invariant (LTI) systems for the interested readers to learn about recent development in this field. Model-based FD techniques for LTI systems are classified as parameter-estimation methods, parity-space-based methods, and observer-based methods. The background and recent progress, in context to fault detection, of each of these methods and their practical applications are discussed in this paper. Furthermore, two different FD techniques are compared via analytical equations and simulation results obtained from the DC motor model. In the end, possible future research directions in model-based FD, particularly for the LTI system, are highlighted for prosperous researchers. A comparison and emerging research topic make this contribution different from the existing survey papers on FD.