An induction motor is generally used in industrial applications because it is reliable, robust, and low cost. Reliability is one of the essential parameters based on which the motor is selected, and the induction motor primarily comes into force. The well-founded induction motor gives good results under various operating states. To achieve this, the values of the motor are kept in mind. Dynamic simulation plays a significant part in evaluating the model’s design process to eliminate design errors in typical construction types and when testing the motor drive system. The induction motor is modeled in a synchronously revolving rotor flux-oriented frame, which is used as a reference. For sensorless vector control and induction motor control methods, accurate knowledge of a few induction motor parameters is necessary. The presentation of the drive will degrade if the original data in the motor do not match the values utilized in the controller. Various mechanisms have been developed to calculate the online and offline parameters of the induction machine for its application in high-performance drives. The foremost grail of this review paper is to present dynamic modeling and other considerable approaches used for estimating the induction motor parameter. This paper also constitutes some simulation examples related to dynamic modeling and parameter estimation techniques, which may be useful for specialists in the field of electric drive control systems.