This paper presents condition monitoring aspects of induction motor, its present status with possible mitigation schemes and future maintenance challenges. The induction motors constitute the major portion of motors in domestic and industrial applications. These motors experience different types of failures and faults associated with insulation, bearing, stator, rotor, and eccentricity. As a matter of fact, these faults may subsequently enhance the probability of failures unless proper introspection is not accomplished. In order to reduce the failure time and operating cost, early detection is indispensable which necessitates condition-based approach on contrary to scheduled maintenance. The condition monitoring is a strong candidate to address the diagnosis of machinery failure problems and unreliability. In this context, a comprehensive analysis is reported in the literature with a focus on different methodologies being addressed for such objective. Utmost efforts are made to comprehensively analyze in the reported literature in a sequential manner citing the advantage and limitations in this paper. The authors hopefully described and illustrated the associated problems with possible mitigation in the context of condition monitoring which would be immensely helpful for future researchers working in these aspects and the future roadmap would be clearly reflected.