Lack of driver’s knowledge about the abrupt changes in pavement’s friction and poor performance of the vehicle’s stability, traction, and ABS controllers on the low friction surfaces are the most important factors affecting car crashes. Due to its direct relation to vehicle stability, accurate estimation of tire-road friction is of interest to all vehicle and tire companies. Many studies have been conducted in this field and researchers have used different tools and have proposed different algorithms. This literature survey introduces different approaches, which have been widely used to estimate the friction or other related parameters, and covers the recent literature that contains these methodologies. The emphasize of this review paper is on the algorithms and studies, which are more popular and have been repeated several times. The focus has been divided into two main groups: experiment-based and model-based approaches. Each of these main groups has several sub-categories, which are explained in the next few sections. Several summary tables are provided in which the overall feature of each approach is reviewed that gives the reader the general picture of different algorithms, which are widely used in friction estimation studies.