Nowadays, additive manufacturing (AM) has surpassed traditional machining in the realm of emerging manufacturing. In the case of conventional machining, where the material is removed by different processes (subtractive manufacturing), there is a possibility of warping and internal stress development. Rapid prototyping is another option to avoid all the drawbacks of conventional machining in terms of manufacturing cost, time, accuracy, and quality. Rapid prototyping of a product by adding material (additive manufacturing) is gaining commercial traction. Additive manufacturing is frequently employed for the fabrication and bulk customization of all kinds of intricate geometrical designs those are absurd by traditional manufacturing techniques. Additive manufacturing techniques are broadly divided into four categories: (a) material extrusion, (b) chain polymerization, (c) laser or electron beam assisted sintering, and (d) direct writing-based processes. This article is a cutting-edge review that focuses on additive manufacturing processes and materials used in additive manufacturing. The process parameters for experimentation are chosen based on the application for which the part is designed. Some input process factors influence others for a specific response, and these critical process parameters are identified and optimized. This paper also gives a synopsis of failures associated with some additive manufacturing methods and their preventive actions.