Conventional blanking is the single-stroke shearing of closed contour profiles. However, the blanked pieces have inherent errors like fractured cut surface and blank dishing necessitating further sizing and/or finishing operations. Fine blanking is a more precise version of the blanking operation with lesser errors such that post-forming steps required will be minimal. Thus, it is an ideal candidate for manufacturing precision machine components. This review paper starts with the introduction to the process. Then, studies aimed at the analysis of fine blanking tooling and process parameters and their effect on fine-blanked part characteristics are presented. Inferences from studies on the design of equipment for fine blanking, deformation mechanics involved and the fine blanking performance of different materials are also discussed. The use of finite element simulation studies to understand the process better has also been determined. Various reported strain measurement techniques are then discussed. The recent improvement in techniques like in situ digital image correlation enables accurate experimental measurement of strain in the shear zone which can be used to validate the findings from FE simulations. Fine blanking process modifications that aimed at cost reduction or improvement in product quality are summarized as well. © 2020, ASM International.