Rolling element bearings are one of the most precarious components and play an important role in the effective operation of rotating machinery. Bearings are one of the foremost sources of nonlinearity in rotating machineries which significantly affect the behavior of the system. The main sources of nonlinearity are radial internal clearance, unbalanced force, bearing preload, stiffness, damping, number of rolling element, and so on. Surface defects such as localized and distributed defects are also accountable for the nonlinear behavior of the system. A large number of studies and methodologies have been proposed in the last two decades to understand the nonlinear dynamic behavior of rolling element bearings considering various bearing parameters and surface defects. In this work, the authors have presented a review of different theoretical models and experimental works proposed for the analysis of the nonlinear behavior of rotating systems. This review article first quotes various techniques which have been explored for the nonlinearity analysis in rolling contact elements such as rotor-bearing system and gears. Some of the important gaps are highlighted in this work which can be considered for future studies.