<p>High-speed spindles in machine tools are used on a large scale in modern manufacturing industries due to great precision, high productivity, and more power. Precision and accuracy of these machine tools during machining operations are significantly affected by the thermal error. Spindle is the main heat source that is accountable for thermal error in machine tools. Thermal error is mainly caused by variation in temperature. This review article exhibits an overview of research about various internal heat sources present in a machine tool, various techniques to measure temperature and thermal deformation at various locations of the spindle, and development of a mathematical model based on measured temperature and thermal deformation to predict the spindle’s thermal error. Thermal error models express the relationships between thermal deformation and temperature, which are established on the basis of analytical calculations, numerical analysis, and experimentation. Temperatures at various locations of the spindle are measured using temperature sensors and infrared imagers, while deformations of the spindle can be measured by employing displacement sensors. Selection of Temperature sensitive points (TSPs) is very crucial for temperature testing and development of models, as it affects the overall effectiveness of the thermal error model. Various techniques to select the TSPs have been discussed. Different techniques for testing and developing thermal error models have also been described in detail. Overall, this review article provides a detailed description of the whole process of developing robust and accurate thermal error models to predict the thermal behavior of spindle.</p>