Abstract--State estimation is a key Energy Management System(EMS) function, responsible for estimating the state of the power system. Since state estimation is computationally expensive, it is not easy to execute it repetitively at short intervals, which is a requirement for real time monitoring and control. Hence in order to obtain a computationally inexpensive real time update of the state vector, tracking state estimation algorithms have been proposed and discussed in various research papers available in the literature. Tracking state estimation provides a fast real time update on the state of the power system with out any physical modeling of the time varying nature of the system. Dynamic state estimation models the time varying nature of the system, which allows it to predict the state vector in advance. Hence proves to be a major advantage in security analysis and other control functions. Various techniques for tracking and dynamic state estimation are available in the literature. This paper presents a bird's view on different methodologies and developments in both of these techniques based on our comprehensive survey of the available literature.Index Terms --Dynamic state estimation, kalman filter, phasor measurement unit, power systems, square root filter, state estimation, tracking state estimation.