Exploration and drilling operations are the most costly and risky activities that require logging while drilling effective tool operation and high speed real-time data transmission. Among other logging technologies, mud pulse telemetry has been widely adopted into real-time drilling and logging data measurements for deep formation evaluation decision-making. However, the increased downhole information quantity and quality requirements have elevated demands for greater bandwidth and higher data rate transmission. Maximum possible mud pulse telemetry data rates are obstructed by unpredictable signal impairments. Researchers have implemented numerous downhole signal modulation techniques, data compression algorithms and surface receiver noise cancellation techniques to lower bit errors and increase signal-to-noise ratio. This study reviews mud pulse telemetry system signal transmission challenges and current countermeasure trends. Rigorous technical literature reviews from exploration and drilling oilfield service industry have been at the receiving end debated. Mud channel signal characteristics, signal attenuation factors, signal detection and decoding techniques are critical to successful mud pulse operations. To minimize exploration, drilling and economic risks, this study explores mud pulse data transmission challenges, strategies and possible technical solutions to the next generation engineers and scholars in the field.