This paper explores the applicability of prognostics and health management (PHM) for wind turbines (WTs), presenting the PHM approach along with challenges and opportunities in the context of WT components. First, the PHM framework is introduced, consisting of three blocks: observation, analysis, and action. Critical components and failure modes for WTs are identified, and data acquisition strategies using supervisory control and data adquisition (SCADA) and condition monitoring (CM) data are discussed. Prognostics, specifically remaining useful life (RUL) estimation, employs physics model-based, data-driven, and hybrid models. Finally, challenges and opportunities related to data, analysis and CM, and developing RUL prediction models have been found. Data challenges include data standardization, limited public datasets, and data quality issues. Analysis and CM challenges address new sensorless and non-intrusive techniques, as well as the fusion of data sources. Prognostics model challenges involve uncertainty management, interpretability issues, and the need for online updates. Addressing challenges requires incorporating physical knowledge, utilizing transfer learning, and improving online RUL prediction methods.