Electric discharge machining (EDM) is one of the most efficient manufacturing technologies used in highly accurate processing of all electrically conductive materials irrespective of their mechanical properties. It is a non-contact thermal energy process applied to a wide range of applications, such as in the aerospace, automotive, tools, molds and dies, and surgical implements, especially for the hard-to-cut materials with simple or complex shapes and geometries. Applications to molds, tools, and dies are among the large-scale initial applications of this process. Machining these items is especially difficult as they are made of hard-to-machine materials, they have very complex shapes of high accuracy, and their surface characteristics are sensitive to machining conditions. The review of this kind with an emphasis on tool and die materials is extremely useful to relevant professions, practitioners, and researchers. This review provides an overview of the studies related to EDM with regard to selection of the process, material, and operating parameters, the effect on responses, various process variants, and new techniques adopted to enhance process performance. This paper reviews research studies on the EDM of different grades of tool steel materials. This article (i) pans out the reported literature in a modular manner with a focus on experimental and theoretical studies aimed at improving process performance, including material removal rate, surface quality, and tool wear rate, among others, (ii) examines evaluation models and techniques used to determine process conditions, and (iii) discusses the developments in EDM and outlines the trends for future research. The conclusion section of the article carves out precise highlights and gaps from each section, thus making the article easy to navigate and extremely useful to the related research community.