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This paper presents a state of art literature review of slip power recovery scheme (SPRS) as an adjustable speed alternating current (AC) drive with various control methodologies for performance enhancement of electric drives. Starting from the brief history of components of control methodologies for SPRS to various control techniques including inverter control, chopper control, field oriented control, vector control, matrix converter control, microprocessor control, sliding mode control, digital signal processing control, neural network control, fuzzy logic control, and optimal control have been reviewed in this paper. The literature related to harmonic analysis of SPRS and use of SPRS in wind power generation has also been reviewed in this research paper. The paper is focused on providing a comprehensive perspective on the state of art of SPRS to the researchers, manufacturers, industries, and application engineers dealing with adjustable speed SPRS drives. The contributions of various researchers in this area have been presented in a classified manner which will serve the reader as a quick, useful, and ready reference. The issues related to control techniques with emphasis on induction machine drive have been highlighted and rigorously examined in this paper. [ABSTRACT FROM AUTHOR]