Artificial intelligence and machine learning (AIML) are quickly proceeding in many areas. These technologies, including the smart footwear (SF) industry, have significantly impacted the consumer goods market. AIMLs are widely used in the design and production of SF. There are different applications of SF such as healthcare SF, assistive SF for old age persons or impairments, navigating footwear for unknown areas, mobility and gait analysis, safety footwear, anti-skid footwear, footwear for army personnel and power generated footwear. The SF helps in acquisition of real-time data of patients to monitor and suggest suitable treatment. Besides these, SF can be classified based on the different architecture and processing techniques. This paper includes different research studies conducted in the past on various tools and techniques used to create smart footwear for different applications.