Due to friction, chip forming, and the induced heat in the cutting area, produced parts by using machining operations have residual stress. Residual stresses caused by machining processes have a major effect on the fatigue life of machined components, which can shorten their service life. In order to increase the performance of machined parts in real-world applications, such as fatigue life, corrosion resistance, and component distortion, residual stress should be investigated and minimized. As a result, predicting and controlling residual stresses caused by machining operations is important in terms of quality enhancement of machined parts. This paper reviews the recent achievements in the machining-induced residual stress in order to be analyzed and decreased. Different methods of the residual stress measurement Destructive Methods, Semi-Destructive Methods and Non-Destructive Test (NDT) Methods are reviewed and compared in order to be developed. In order to minimize residual stress in machined parts, the study examines the effects of machining process parameters, high-speed machining conditions, coolant, cutting tool wear, edges, and radius on residual stress. Analytical and semianalytical modeling, numerical and FEM simulation techniques of residual stress are reviewed to include advanced methods of residual stress modeling methodology to predict residual stress in machined components. Residual stress in various alloys such as AL alloys, biomedical implant materials, hard to cut materials such as nickel-based alloys, Titanium Based Alloys, Inconel Based Alloys, and stainless-steel alloys is investigated in order to provide efficient residual stress minimization methods in machined components. It has been realized that evaluating and analyzing recent advances in published papers will contribute to develop the research field.