This paper presents a review of the state-of-the-art in sensors and signal processing methodologies used for tool condition monitoring (TCM) systems in industrial machining applications. The paper focuses on the technologies used in monitoring conventional cutting operations, including drilling, turning, end milling and face milling, and presents important findings related to each of these fields. Unlike existing reviews, which categorize results according to the methodology used, this paper presents results organized according to the type of machining operation carried out. By extensively reviewing and categorizing over one hundred important papers and articles, this paper is able to identify and comment on trends in TCM research, and to identify potential weaknesses in certain areas. The paper concludes with a list of recommendations for future research based on the trends and successful results observed, thus facilitating the cross-fertilization of ideas and techniques within the field of TCM research.