At present, Data remains as the most important part of human life. The future of data generation is manipulated through different data analysis techniques. But every day it is becoming much more difficult. Due to current growth of technology, People are generating huge amount of uncontrollable data. Because of that text summarization became important to reduce the volume of the data and extracts the required useful information. This review based paper discusses about different text summarization techniques and algorithms along with their accuracy and efficiency. So that the researchers can easily understand the concept of text summarization and find their expected information in a fast pace.