In the present world, there is a great necessity to have reliable and quality power distribution, and so there is great scope for research on automation of distribution system. The main objective of this paper is to analyze and comprehend different machine learning and image processing based algorithms to find a practical solution for automated inspection of overhead power line insulators. This method is a relatively new approach for. This paper also highlights the constraints and limitations that are present in the various existing methodologies to achieve the objective. Traditionally the workers who inspect these lines check them in close proximity by going for foot-patrolling and pole-climbing. With an incredible expansion of power distribution network even to remote areas, previously mentioned methods do not seem to be viable. The development of an efficient method of condition monitoring by using image processing followed by machine learning techniques is found to be a suitable method and thus emerging as a feasible option for real-time implementation. The few techniques like artificial neural networks (ANN), Hidden Markov Model (HMM), k-means clustering, Wavelet transform features, S-transform features, and support vector machines (SVM) applied in the domain of condition monitoring of the insulators were presented.