Hydrodynamic bearings are integral components in various industrial sectors, including aerospace, defense technologies, and power generation units etc. Advancements in modern technology have driven the evolution of bearings to withstand the high temperatures, increased speeds, and additional load demands of contemporary operations. Some of the prime consequences of high temperatures include thermal deformation, misalignment, viscosity degradation, reduced oil film thickness, reduced load carrying capacity and premature failure due to bearing seizure. Researchers have rigorously addressed the persistent thermal challenges posed to hydrodynamic bearings, achieving significant advancements over the years. Key developments include innovative bearing pad designs, optimal materials, coating technologies, advanced computational software, novel lubrication methods, and efficient monitoring techniques. The introduction of materials with tailored properties such as high heat conductivity, high strength, and low-friction coatings has greatly enhanced bearing performance. Additionally, advanced computational software like ANSYS CFX, Fluent, and COMSOL, adaptive lubrication methods, and real-time temperature sensors have significantly improved the performance of critical systems, including hydro power plants. This review paper summarizes significant developments and investigations carried out to mitigate thermal effects in hydrodynamic bearings, and hence provides a comprehensive in depth details of the subject matter. Even though there has been a lot of progress in the field of hydrodynamic bearings, continuous research is important to tackle issues related to sustainability, industry-specific obstacles, developing technologies, and dynamic operating conditions.