In drilling engineering, the rate of penetration (ROP) is a prevalent indicator to evaluate the energy efficiency of drilling operations. Nowadays, ROP prediction has become more critical since the production from deeper hydrocarbon resources is unprecedentedly escalating. So far, a wealth of theoretical and practical investigations has been conducted to develop ROP models; however, the existing models have not been adequately updated with the new technological advancements or geological restrictions. This research strives to integrate the latest advancements, restrictions, and future requirements in ROP prediction. To do this, the existing empirical and data-driven ROP models are elaborated and compared. From the conducted research, it was deduced that four uncontrollable factors, including the rock permeability, wellbore inclination, temperature, and rock hardness, have not been adequately considered in ROP models. Moreover, although data-driven ROP models deliver more accurate results than the empirical models, the determination of the number and type of the input parameters is still challenging. To tackle this issue, it is recommended to develop a formation-based classification system of input parameters for future investigations. This inclusive review can be adopted by the companies and engineers involved in drilling operations to update and reform their drilling strategies.