The evaluation of Internet of Things (IoT), which are contracted to research the adoption or acceptance of IoT technology, is deemed to be a subject of vital importance. Studying the adoption or admissibility of IoT technology is not a brand-new study area, and numerous scholars have undertaken the task. The current and upcoming generations of Internet are being shaped by the Internet of Things (IoT). The main aim of this survey, contrasted with previous surveys, is to systematically evaluate the IoT technology research in condition monitoring of power transformers to proffer a thorough cursor that can facilitate scholars to accomplish additional research in IoT acceptance. Almost all appliances may now be remotely monitored and connected to the internet thanks to the Internet of Things. Power transformers play a crucial role in electrical distribution networks, and their reliable operation is paramount. The existing diagnostic tests outlined in the IEC 60076-1 standard are essential for ensuring transformer health but suffer from manual procedures, leaving them susceptible to human error. This traditional method not only introduces the potential for inaccuracies due to human involvement but also incurs significant operational costs and delays. The need to physically dispatch technicians to transformer sites for routine diagnostics hampers timely fault detection and preventive maintenance. Therefore, there exists a pressing need to modernize and enhance the diagnostic procedures by integrating emerging technologies like the Internet of Things (IoT). This paper will review the most recent techniques for transformer health tracking system using IoT and highlight the contemporary approaches. A total of 50 primary research literature that was published between 2018 and 2024 were surveyed in this review paper.