Some key features to be satisfied by electric motors catering a wide range of applications are high specific power, lower manufacturing cost, rugged construction, and fault‐tolerant operation. Switched reluctance motor is one such motor technology satisfying all the above requirements and is an emerging competitor to the induction and permanent magnet motors in domestic, industrial and electric vehicle applications. The present‐day research on this motor is moving towards improving efficiency at lower speeds, power density, and the torque density. Certain challenges in achieving the same are (a) minimising the losses, (b) mitigation of torque ripple, noise, and vibration, and (c) material advancements. A review based on the estimation and mitigation techniques of each of these over the past three to four decades has been dealt with in this study. The salient features and results in each section provide a clear understanding of how each of these challenges can be overcome in the aspect of design and control strategies.