One of the purposes of system reliability analysis is to identify the weaknesses or the critical components in a system and to quantify the impact of component’s failures. Various importance measures are being introduced by many researchers since 1969. These component importance measures provide a numerical rank to determine which components are more important to system reliability improvement or more critical to system failure. In this paper, we overview various components importance measures and briefly discuss them with examples. We also discuss some other extended importance measures and review the developments in study of various importance measures with respect to some of the popular reliability systems.