The Internet of Things (IoT) devices are increasingly used across sectors like smart homes and industrial automation. To assess the security of such devices, consider their firmware. This paper provides an overview of methods for extracting firmware from IoT gadgets, with a specific focus on this field. The study discusses hardware-based techniques as well as software-based ones for extracting firmware. Direct entry into the memory or storage units of a device is among the examples of how hardware-based methods work, e.g., soldering onto flash chips or using JTAG interfaces. Conversely, an approach may use communication channels already present on the target system, like debug interfaces or firmware update mechanisms. We delve into the intricacies of each method, discussing their advantages, limitations, and potential risks. Additionally, we highlight the importance of legal and ethical considerations when extracting firmware from IoT devices.