This review focuses on the definitions, modalities, applications, and performance of various aspects of digital twins (DTs) in the context of transmission and industrial machinery. In this regard, the context around Industry 4.0 and even aspirations for Industry 5.0 are discussed. The many definitions and interpretations of DTs in this domain are first summarized. Subsequently, their adoption and performance levels for rotating and industrial machineries for manufacturing and lifetime performance are observed, along with the type of validations that are available. A significant focus on integrating fundamental operations of the system and scenarios over the lifetime, with sensors and advanced machine or deep learning, along with other statistical or data-driven methods are highlighted. This review summarizes how individual aspects around DTs are extremely helpful for lifetime design, manufacturing, or decision making even when a DT can remain incomplete or limited.