Compressive sensing (CS) offers compression of data below the Nyquist rate, making it an attractive solution in the field of medical imaging, and has been extensively used for ultrasound (US) compression and sparse recovery. In practice, CS offers a reduction in data sensing, transmission, and storage. Compressive sensing relies on the sparsity of data; i.e., data should be sparse in original or in some transformed domain. A look at the literature reveals that rich variety of algorithms have been suggested to recover data using compressive sensing from far fewer samples accurately, but with tradeoffs for efficiency. This paper reviews a number of significant CS algorithms used to recover US images from the undersampled data along with the discussion of CS in 3D US images. In this paper, sparse recovery algorithms applied to US are classified in five groups. Algorithms in each group are discussed and summarized based on their unique technique, compression ratio, sparsifying transform, 3D ultrasound, and deep learning. Research gaps and future directions are also discussed in the conclusion of this paper. This study is aimed to be beneficial for young researchers intending to work in the area of CS and its applications, specifically to US.