Brain image segmentation is one of the most time-consuming and challenging procedures in a clinical environment. Recently, a drastic increase in the number of brain disorders has been noted. This has indirectly led to an increased demand for automated brain segmentation solutions to assist medical experts in early diagnosis and treatment interventions. This paper aims to present a critical review of the recent trend in segmentation and classification methods for brain magnetic resonance images. Various segmentation methods ranging from simple intensity-based to high-level segmentation approaches such as machine learning, metaheuristic, deep learning, and hybridization are included in the present review. Common issues, advantages, and disadvantages of brain image segmentation methods are also discussed to provide a better understanding of the strengths and limitations of existing methods. From this review, it is found that deep learning-based and hybrid-based metaheuristic approaches are more efficient for the reliable segmentation of brain tumors. However, these methods fall behind in terms of computation and memory complexity.