Abstract: Estimating battery parameters is essential for comprehending and improving the performance of energy storage devices. The effectiveness of battery management systems, control algorithms, and the overall system depends on accurate assessment of battery metrics such as state of charge, state of health, internal resistance, and capacity. An accurate estimation of the battery parameters is a key challenge in the battery management system due to its nonlinear characteristics. The primary objective of this work is to provide a comprehensive, understandable overview of the existing key issues, methods, technical challenges, benefits, and emerging future trends of the battery parameter estimation. This work presents different parameter estimation approaches, including conventional and modern techniques, to characterize the battery. The comparative analysis has been carried out for techniques improvised by different methods. The benefits, drawbacks, and prospective features of each method are discussed in the work along with recent advancements and their future directions.