This comprehensive literature review delves into various aspects of the drag reduction (DR) phenomenon. To address respective aspects as well as track authors and research outputs, a bibliometric analysis is conducted using VOSviewer software. Hence, the review encompasses an examination of the state-of-the-art mechanisms and methodologies for DR measurements and quantifications, employing both linear and rotational devices. Recent advancements in DR measurements and the application of closed-form relations via rotational flow devices as standalone testing techniques are presented, with a discussion on their potential to replace linear flow devices. Furthermore, the review highlights the drawbacks associated with commercially used polymers and explores recent research addressing these issues. Potential avenues for improving the DR performance of these polymers, such as chemical modifications to enhance DR performance and shear resistance, are examined. The review also explores the role and future possibilities of incorporating nanoparticles in DR. In addition, a thorough analysis of current numerical models used in simulating DR, along with their applications and limitations, are addressed. In summary, this review aims to comprehensively cover the advances in various aspects of the DR fields, catering to both industrial and academic audiences, and offering introductory and in-depth insights into the world of DR.