Energy is an essential ingredient of socio-economic development and economic growth. Renewable energy sources like wind energy is indigenous and can help in reducing the dependency on fossil fuels. Wind is the indirect form of solar energy and is always being replenished by the sun. Wind is caused by differential heating of the earth's surface by the sun. It has been estimated that roughly 10 million MW of energy are continuously available in the earth's wind. Wind energy provides a variable and environmental friendly option and national energy security at a time when decreasing global reserves of fossil fuels threatens the long-term sustainability of global economy. This paper reviews the wind resources assessment models, site selection models and aerodynamic models including wake effect. The different existing performance and reliability evaluation models, various problems related to wind turbine components (blade, gearbox, generator and transformer) and grid for wind energy system have been discussed. This paper also reviews different techniques and loads for design, control systems and economics of wind energy conversion system.