Diabetes can cause damage to the retina's blood vessels in the eye leading to diabetic retinopathy (DR). The images captured using a fundus camera are used to segment and study the blood vessel damage. Once the retina is damaged, it cannot be repaired. Therefore, early detection of blood vessel damage is the only way to control the progression of the disease. It allows physicians to provide timely and appropriate treatment to patients. The ophthalmologist can manually recognize and mark these vessels based on some clinical and geometrical features; however, it is time‐consuming. Extraction and segmentation play a significant role in showing the difference between healthy and newly developed abnormal vessels. Due to the increased diabetes population, automated systems have been designed to detect retinal blood vessels and assist ophthalmologists. Identifying, extracting, and examining blood vessels are intricate processes, specifically identifying new vessels in the retina. In medical image analysis, artificial intelligence and deep learning techniques have become widely used practices for automatic retinal blood vessel segmentation. We reviewed articles from 1989 to 2023, including handcrafted segmentation to recent deep‐learning techniques with available public datasets. We have concluded this article with an overview of observed parameters, calculations, and future directions for the analysis of retinal images. We believe this review article will help researchers identify research gaps in the field of DR.