The pace of technological innovation has made it inescapable for technology developers to continuously track the developments taking place in their environment to withhold their niche. Therefore, decision-makers must foresee the direction of technology development. We present a review of the literature to provide a vista of the Technology Foresight (TF) concept, its dimensions, generic framework, methods and tools, capabilities required, focus, and evaluation determinants of technology foresight. We address the research objective of what technology foresight is and how it is conducted. Based on the literature, we reveal various definitions of TF, the evolution of TF exercise, and various methods for TF. Many countries, including the United Kingdom, China, France, Germany, Italy, India, and Korea, launched TF activities, and the number of countries performing TF activities has significantly increased. This work will aid readers in understanding the importance of TF exercise and how it shall be conducted to enhance the capabilities and comparative advantage of nations.