Floods pose a significant risk for Bangladesh due to the country's geographical and climatic conditions. Traditional methods of predicting flood risk often fail to do justice to the complex dynamics of flood vulnerability in this region. This report provides a comprehensive overview of the use of advanced machine learning (ML) algorithms for flood risk prediction in Bangladesh. It addresses four primary areas of research: (a) factors influencing floods considered in ML-based studies, (b) performance metrics of ML models, and (c) research gaps and future challenges in ML-based flood risk prediction. This review identified 42 unique factors that influence flooding, with precipitation, distance from the river, elevation, orientation, land use and land cover, and soil type emerging as the most important. ML models showed high predictive performance with an accuracy of 82% to 95%, depending on the algorithm and dataset used. However, there are still problems with data quality and regional variability that affect the reliability of the models. To improve flood forecasting, integrating real-time data, combining ML with physical models and promoting stakeholder engagement are crucial. Future research should focus on improving data quality, combining ML and physical models, and integrating future climate projections to refine flood hazard mapping. By considering these aspects, this study contributes to improving flood risk assessment and sustainable flood management strategies in Bangladesh, which could reduce socio-economic losses and environmental damage –in high-risk areas by 20–30.