Based on multiple reviews of major defense acquisition programs, the Government Accountability Office (GAO) has consistently reported that the Department of Defense (DoD) acquisition programs are experiencing difficulties in terms of schedule slips, cancellations, and failure to meet performance objectives due to insufficiently mature technology, unstable design, and a lack of manufacturing maturity. The GAO claimed that “maturing new technology before it is included in a product is perhaps the most determinant of the success of the eventual product or weapon system.” As a result, the DoD adopted the Technology Readiness Level (TRL) metric as a systematic method to assess technology maturity. However, as a result of increasing complexity of defense systems and the lack of objectivity of the tool, the TRL metric is deficient in comprehensively providing insight into the maturity of technology. Objective and robust methods that can assess technology maturity accurately and provide insight into risks that lead to cost overruns, schedule delays, and performance degradation are imperative for making well-informed procurement decisions. Realizing this challenge, numerous other models and methods have been developed to efficiently supplement and augment the TRL scale, as well as provide new means of evaluating technology maturity and readiness. The work presented in this paper has investigated the literature, and leading research and industrial practices for technology maturity assessment techniques, which are then analyzed using the SWOT (Strength, Weakness, Opportunity, Strength) model. The right maturity assessment techniques at the right time can enable government agencies and contractors to produce products that are cheaper, better, and made faster by closing knowledge gaps at critical decision points. This paper provides a comprehensive review and analysis of the prominent maturity assessment techniques in order to provide a selection criterion for decision makers to choose the best fit method for their program.