The magneto acoustic emission (MAE) technique is an emerging non-destructive testing (NDT) method that has shown potential for defect detection in the bulk of material, proven vital for the safety and integrity of the material. The MAE technique has shown promising results among modern non-destructive testing techniques for ferromagnetic materials. Although MAE technique is a long-established NDT method, it has the potential for further development. This paper provides an in-depth review of MAE signals' physical origin and characteristics, compares them with their counterpart, Magneto Barkhausen Noise (MBN), and explores data acquisition methods and applications, including specific case studies in material defect detection. The research gaps in the MAE technique are discussed, and the paper explores potential developments, highlighting future perspectives and possible improvements.