Purpose Technology forecasting (TF) and assessment (TA), all in all, apply to any intentional and deliberate endeavours to forecast and view the potential heading, rate, attributes and impacts of technological change, especially for development, advancement, selection and utilisation of resources, which ultimately helps in the benchmarking. A vast variety of methods are available for TF and TA. Till now, practically, no exertion has been made to choose proper, satisfactory innovation methods or technology. The paper aims to discuss this issue. Design/methodology/approach In this paper, there is an endeavour to summarise the vast field of TF and TA, through its evolution, functions, applications and techniques. This paper provides the in-depth review of the utilisation of TF and TA methodologies and its improvement, which helps the users in selecting the appropriate method of TF and TA for a specific situation. Findings This study concludes that the quest for a single strategy for doing forecast and assessment is a misconception. This neglects to perceive that forecast and assessment oblige a suitable blend of strategies and methods drawn from a variety of fields. Researchers and practitioners must be innovative, imperative and specialised in choosing TF and TA methodologies, and cannot be programmed. Practical implications The technology seems to be the most significant driver of the present day global developments. Some technologies have far-reaching implications, and the authors need to understand these issues regarding its’ forecasting and its assessment. Originality/value The decision of proper worthy procedure amid a circumstance may have an impact on the exactness and reliability of the forecast and assessment. Significant observations regarding learning, action/s, actor/s and expected outcomes are discussed.