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In the current scenario, industries need to have continuous improvement in their manufacturing processes. Digital twin (DT), a virtual representation of a physical entity, serves this purpose. It aims to bridge the prevailing gap between the design and manufacturing stages of a product by effective flow of information. This article aims to create a state-of-the-art review on various DTs with their application areas. The article also includes schematic representations of some of the DTs proposed in various fields. The concept is also represented by a case study based on a DT model developed for an advanced manufacturing process named friction stir welding. Towards the end, a model for implementing DT in a factory has been proposed.