Flux-based fault diagnosis methods have attracted ever-increasing attention from technical communities because of their potential diagnostic capabilities and ability to overcome weaknesses of the traditional methods such as motor current signature analysis (MCSA). This study reviews recent literature on these methods and addresses their strengths and limitations. Different types of flux sensors that can be used for fault diagnosis applications are also discussed. Flux-based approaches are classified based on the type of utilised flux into internal (airgap flux) and external (stray flux) methods and compared with each other. The most common faults in both induction machines (IMs) and permanent magnet machines (PMMs), including inter-turn short-circuit (ITSC), airgap eccentricity (AGE), rotor broken bars (BRB), and irreversible demagnetisation (IDM) faults, are considered in this review. Finally, research gaps are identified, and some suggestions for future research in this area are provided.