Sediment and cavitation erosion of the hydroelectric power turbine components are the fundamental problems in the rivers of Himalayas and Andes. In the present work, the latest research conducted in both the fields by various investigators and researchers are discussed and critically analyzed at different turbine components. Analysis shows that both types of erosion depends on flow characteristics, surface, and erodent material properties. Design optimization tools, coalesced effect (CE) of sediment and cavitation erosion and well conducted experiments will yield results that are beneficial for erosion identification and reduction. Although some researchers have done experimental work on the coalesced effect (CE) of sediment and cavitation erosion, very limited Computational Fluid Dynamics (CFD) work is available in literature. The present research work will be beneficial for practitioners and researchers in the future to address the erosion problem successfully.