Software defect prediction is one of the essential sets of operation towards mitigating issues of risk management in software development known to contribute towards enhancing the quality of software. There is evolution of various methodologies towards resolving this issue while learning-based methodology is witnessed to be the most dominant contributor. The problem identified is that there are yet many unsolved queries associated with practical viability of such learning-based approach adoption in software quality management. Proposed approaches discussed in this paper contributes towards mitigating this challenge by introducing a simplified, compact, and crisp analysis of effectiveness associated with learning-based schemes. The paper presents its major findings of effectivity analysis of machine learning, deep learning, hybrid, and other miscellaneous approaches deployed for fault prediction followed by highlighting research trend. The major findings infer that feature selection, data imbalance, interpretability, and in adequate involvement of context are prime gaps in existing methods. The paper also contributes towards research gap as well as essential learning outcomes of present review work.