Air standard Otto cycle is an ideal thermodynamic cycle employed in spark ignition engines. Since some assumptions are made, it deviates from the real air fuel cycles. There have been lots of researches and studies to help advance the Otto cycle and enhance its performance by considering different parameters. Here we try to discuss and give an overview related to the effects of several parameters like variable specific heat, heat loss from cylinder walls, regeneration with polytropic expansion, etc. on the working of an Otto cycle. In addition, a summary is provided in accordance to the performance analysis and optimization of Otto cycle.