This review synthesizes foundational and recent literature on Failure Mode and Effects Analysis (FMEA) applied to wind turbine (WT) systems, including traditional approaches, Risk Priority Number (RPN) significance, fuzzy extensions, and integrations with economic factors for onshore and offshore installations. It also covers aerodynamic aspects, such as NACA airfoil series, computational fluid dynamics (CFD) simulations, and blade optimization. Key cited works from pre-2023, including Arabian-Hoseynabadi et al. (2010), Tavner et al. (2010), and Shafiee and Dinmohammadi (2014), are discussed alongside advancements from 2023–2025, emphasizing correlated failures, intelligent data analysis, bio-inspired designs, and financial risk modeling to enhance WT reliability, efficiency, and sustainability.