The fault detection and diagnosis (FDD) along with condition monitoring (CM) and of rotating machinery (RM) have critical importance for early diagnosis to prevent severe damage of infrastructure in industrial environments. Importantly, valuable industrial equipment needs continuous monitoring to enhance the safety, reliability, and availability and to decrease the cost of maintenance of modern industrial systems and applications. However, induction motor (IM) has been extensively used in several industrial processes because it is cheap, reliable, and robust. Rolling bearings are considered to be the main component of IM. Undoubtedly, any failure of this basic component can lead to a serious breakdown of IM and for whole industrial system. Thus, many current methods based on different techniques are employed as a fault prognosis and diagnosis of rolling elements bearing of IM. Moreover, these techniques include signal/image processing, intelligent diagnostics, data fusion, data mining, and expert systems for time and frequency as well as time-frequency domains. Artificial intelligence (AI) techniques have proven their significance in every field of digital technology. Industrial machines, automation, and processes are the net frontiers of AI adaptation. There are quite developed literatures that have been approaching the issues using signals and data processing techniques. However, the key contribution of this work is to present an extensive review of CM and FDD of the IM, especially for rolling elements bearings, based on artificial intelligent (AI) methods. This study highlights the advantages and performance limitations of each method. Finally, challenges and future trends are also highlighted.