COVID‐19 has affected more than 760 million people all over the world, as per the latest record of the WHO. The rapid proliferation of COVID‐19 patients not only created a health emergency but also led to an economic crisis. An early and accurate diagnosis of COVID‐19 can help in combating this deadly virus. In line with this, researchers have proposed several machine learning (ML) and deep learning (DL) techniques for detecting COVID‐19 since 2020. This article presents currently available manual diagnosis methods along with their limitations. It also provides an extensive survey of ML and DL techniques that can support medical professionals in the precise diagnosis of COVID‐19. ML methods, namely K‐nearest neighbor, support vector machine (SVM), artificial neural network, decision tree, naive bayes, and DL methods, viz. deep neural network, convolutional neural network (CNN), region‐based convolutional neural network, and long short‐term memories, are explored. It also provides details of the latest COVID‐19 open‐source datasets, consisting of x‐ray and computed tomography scan images. A comparative analysis of ML and DL techniques developed for COVID‐19 detection in terms of methodology, datasets, sample size, type of classification, performance, and limitations is also done. It has been found that SVM is the most frequently used ML technique, while CNN is the most commonly used DL technique for COVID‐19 detection. The challenges of an existing dataset have been identified, including size and quality of datasets, lack of labeled datasets, severity level, data imbalance, and privacy concerns. It is recommended that there is a need to establish a benchmark dataset that overcomes these challenges to enhance the effectiveness of ML and DL techniques. Further, hurdles in implementing ML and DL techniques in real‐time clinical settings have also been highlighted. In addition, the motivation noticed from the existing methods has been considered for extending the research with an optimized DL model, which attained improved performance using statistical and deep features. The optimized deep model performs better than 90% based on efficient features and proper classifier tuning.