This review is dedicated to balancing methods that are used to solve the rotor-balancing problem. To ensure a stable operation over an operating speed range, it is necessary to balance a rotor. The traditional methods, including the influence coefficient method (ICM) and the modal balancing method (MBM) are introduced, and the research progress, operation steps, advantages and disadvantages of these methods are elaborated. The classification of new balancing methods is reviewed. Readers are expected to obtain an overview of the research progress of existing balancing methods and the directions for future studies.