In many mechanical systems research scenarios, including in particular control and monitoring of mechanical devices, reconstruction of external loads acting on a system is a matter of great importance. The paper provides taxonomy and review of available dynamic load identification methods in cases when a direct load applied to the structure is required to be reconstructed. Methods based on frequency and time domains as well as those relying on statistical and soft computing approaches are described. The authors present methods in possibly broad manner, including initial assumptions, workflow and some of the equations. For that reason, reader is able to initially assess methods' potential in particular applications and choose the method which best fit his needs.