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Accurate and timely forecasting of critical components is pivotal in intelligent transportation systems and traffic management, crucially mitigating congestion and enhancing safety. This paper aims to comprehensively review deep learning algorithms and classical models employed in traffic forecasting. Spanning diverse traffic datasets, the study encompasses various scenarios, offering a nuanced understanding of traffic forecasting methods. Reviewing 111 seminal research works since the 1980s, encompassing both deep learning and classical models, the paper begins by detailing the data sources utilized in transportation systems. Subsequently, it delves into the theoretical underpinnings of prevalent deep learning algorithms and classical models prevalent in traffic forecasting. Furthermore, it investigates the application of these algorithms and models in forecasting key traffic characteristics, informed by their utility in transport and traffic analyses. Finally, the study elucidates the merits and drawbacks of proposed models through applied research in traffic forecasting. Findings indicate that while deep learning algorithms and classic models serve as valuable tools, their suitability varies across contexts, necessitating careful consideration in future studies. The study underscores research opportunities in road traffic forecasting, providing a comprehensive guide for future endeavors in this domain. [ABSTRACT FROM AUTHOR]