Departures from the stable operation of electrical equipment usually appear as changes in parameters such as vibrations, pressure, temperature, power, and flow. Excessive changes in these parameters will indicate significant damage, leading to total or partial breakdown of equipment. This paper reviews the use of infrared thermography (IRT) for the operating condition temperature monitoring of electrical equipment. Infrared thermography is a contactless method that is based on thermal radiation principles and used for determining the temperature distribution on the surface of objects by measuring the intensity of radiation emitted by the object. The basic principles underlying IRT are presented in this review, showing its pros and cons, the various IRT methods, processes involved in IRT image acquisition, intelligent techniques for IR image analysis, and factors that affect the accuracy of results, including technical, environmental, and procedural factors. Also presented is an overview of common applications of IRT condition monitoring to solar energy, medicine, civil infrastructure, and aerospace equipment. Common faults in electrical equipment, including those in transformers, circuit breakers, feeder pillars and arrestors, are discussed with illustrations from recent research studies. These studies have demonstrated the effectiveness of IRT in the predictive maintenance of electrical installations. Hence, the replication of the techniques reviewed in this work is recommended so as to reduce current costs incurred in maintaining and replacing damaged equipment, and the associated time losses.