Cloud Computing is a robust model that provides configurable resources to users and organizations over the internet according to their requirements. One of the primary concerns for both cloud users and providers is load balancing. Uneven load balancing, which is either overloading or underloading, can substantially decrease the performance and efficiency of computing resources. The rapid growth of cloud computing has led to load balancing becoming crucial to facilitate efficient distribution of workloads among resources. This paper presents an in-depth literature review of various existing load balancing algorithms, assessed based on the metrics. The paper also discusses the challenges in load balancing in cloud and categorizes load balancing algorithms into static load balancing, dynamic load balancing, and nature-inspired load balancing with respect to their design and implementation in the cloud environment.