This review explores the latest advancements and innovations in material processing techniques within precision manufacturing. It covers additive manufacturing (3D printing), subtractive manufacturing, and hybrid approaches, highlighting their applications and benefits. Additive manufacturing has gained significant attention for its ability to produce complex geometries with high precision, while subtractive manufacturing techniques like milling, turning, and grinding are undergoing transformative advancements. Hybrid manufacturing, combining additive and subtractive techniques, is revolutionizing precision manufacturing by leveraging the strengths of both methods. The review also discusses advancements in process monitoring and control technologies, such as in-process sensing, real-time feedback systems, and adaptive control algorithms, which enhance quality assurance and productivity. Additionally, the integration of advanced computational tools, simulation techniques, and artificial intelligence is discussed, emphasizing their role in optimizing and customizing material processing techniques. The future of precision manufacturing is shaped by emerging trends in advanced manufacturing technologies, the need to address challenges such as scalability and sustainability, and the implications for industrial practice and academia. The authors conclude that innovation, sustainability, and collaboration are crucial for the continued development and application of precision manufacturing techniques.This review explores the latest advancements and innovations in material processing techniques within precision manufacturing. It covers additive manufacturing (3D printing), subtractive manufacturing, and hybrid approaches, highlighting their applications and benefits. Additive manufacturing has gained significant attention for its ability to produce complex geometries with high precision, while subtractive manufacturing techniques like milling, turning, and grinding are undergoing transformative advancements. Hybrid manufacturing, combining additive and subtractive techniques, is revolutionizing precision manufacturing by leveraging the strengths of both methods. The review also discusses advancements in process monitoring and control technologies, such as in-process sensing, real-time feedback systems, and adaptive control algorithms, which enhance quality assurance and productivity. Additionally, the integration of advanced computational tools, simulation techniques, and artificial intelligence is discussed, emphasizing their role in optimizing and customizing material processing techniques. The future of precision manufacturing is shaped by emerging trends in advanced manufacturing technologies, the need to address challenges such as scalability and sustainability, and the implications for industrial practice and academia. The authors conclude that innovation, sustainability, and collaboration are crucial for the continued development and application of precision manufacturing techniques.