Separation of two fluids or particles from an emulsion is a fundamental process in many applications such as creaming of milk in dairy sector and extraction of various oils (avocado oil, palm oil, etc.) among many others. The aim of this paper is to elaborate on the development of various methods and technologies employed for the separation process including gravity, chemical, and centrifugation as well as the newer acoustic separation technology. Influential parameters affecting the performance, advantages, and disadvantages for each method will be discussed and compared. Various transducer configurations and corresponding experimental set-ups and operating parameters are also examined for acoustic separation. Accordingly, the future trend is proposed for introducing new transducer configurations to diminish or preferably eliminate the current disadvantages and barriers and to improve the separation process performance.