In today’s digital age, the conversion of hardcopy documents into digital formats is widespread. This process involves electronically scanning and storing large volumes of documents. These documents come from various sources, including records and reports, camera-captured text and screen snapshots, official documents, newspapers, medical reports, music scores, and more. In the domain of document analysis techniques, an essential step is document image binarization. Its goal is to eliminate unnecessary data from images and preserve only the text. Despite the existence of multiple techniques for binarization, the presence of degradation in document images can hinder their efficacy. The objective of this work is to provide an extensive review and analysis of the document binarization field, emphasizing its importance and addressing the challenges encountered during the image binarization process. Additionally, it provides insights into techniques and methods employed for image binarization. The current paper also introduces benchmark datasets for evaluating binarization accuracy, model training, evaluation metrics, and the effectiveness of recent methods.