This review accumulates information from various research works about the preferable manufacturing process, process parameters, parts of the compressor, working principle, material, and critical issues with some of the solutions that might be possible in the era of future industry. In addition, some work is also done on the tribological trends in the compressor. In this paper, detailed information has been gathered about the compressor parts and their working principle. A detailed analysis has been done on the material used to manufacture the compressor. Some details have been shared about preventing the loss to the compressor when it is in the application mode. As per this paper, PTFE/MoS2, FC, PEEK/Ceramic materials, mica-filled tetrafluoroethylene are advanced materials used for the compressor. Protective layers can be made on the parts to prevent some functional loss. Numerous studies have brought about great advancements in compressor performance, but many remain to be discovered. With n-TiO2 and n-MnO2, ZDDP (zinc disulfide) should be increased for antifriction properties. Some research has proven that CO2 can improve the tribological performance of two interacting surfaces by forming a lubricating carbonate layer that reduces friction and wears. New lubricating oils are showing promising results, but with the gradual depletion of natural oil resources, efforts have to be made to make various oils obtained from sources other than oil reserves or petroleum. A completely oil-free compressor with no lubrication in the crankcase and no lubrication in the other components dry oil-free air supply may be accomplished by employing various oil-less compressor technologies such as scroll water-injected screw, two-stage dry screw, and so on. In the 21st century, it aims to maximize energy savings from air compressors. It is critical to operating at a compression level that matches the amount of air consumption (optimal volume) and to avoid operating at a compression level that is greater than necessary. The conclusion can be obtained that understanding for the compressor will be established, and some tribological issues will be solved with new technology and material.