The past few years have witnessed the emergence of a novel paradigm called cloud computing. CC aims to provide computation and resources over the internet via dynamic provisioning of services. There are several challenges and issues associated with implementation of CC. This research paper deliberates on one of CC main problems i.e. load balancing (LB). The goal of LB is equilibrating the computation on the cloud servers such that no host is under/ overloaded. Several LB algorithms have been implemented in literature to provide effective administration and satisfying customer requests for appropriate cloud nodes, to improve the overall efficiency of cloud services, and to provide the end user with more satisfaction. An efficient LB algorithm improves efficiency and asset's usage through effectively spreading the workload across the system's different nodes. This review research paper objective is to present critical study of existing techniques of LB, to discuss various LB parameters i.e. throughput, performance, migration time, response time, overhead, resource usage, scalability, fault tolerance, power savings, etc. The research paper also discusses the problems of LB in the CC environment and identifies the need for a novel LB algorithm that employs FT metrics. It has been found that traditional LB algorithms are not good enough and they do not consider FT efficiency metrics for their operation. Hence, the research paper identifies the need for FT efficiency metric in LB algorithms which is one of the main concerns in cloud environments. A novel algorithm that employs FT in LB is therefore proposed.