With the dramatic increase in multimedia data, escalating trend of internet, and amplifying use of image/video capturing devices; content based indexing and text extraction is gaining more and more importance in research community. In the last decade, many techniques for text extraction are reported in the literature. Methodologies of text extraction from images/videos is generally comprises of text detection and localization, text tracking, text segmentation and optical character recognition (OCR). This paper intends to highlight the contributions and limitations of text detection, localization and tracking phases. The problem is exigent due to variations in the font styles, size and color, text orientations, animations and backgrounds. The paper can serve as the beacon-house for the novice researchers of the text extraction community.