In today's competitive landscape, fulfilling customer expectations and achieving a competitive edge are crucial for business success. These objectives can be attained by effective monitoring in both manufacturing and service sectors to enhance quality, reduce variation, and augment productivity. The control chart, a widely used tool for this purpose, has attracted significant attention from researchers for its ability to detect anomalies and manage out-of-control situations. The optimization of control charts, a central focus of this review, not only enhances the detection effectiveness but also maintains the desired false alarm rate, thus ensuring efficient process control without additional cost, complexity, or operational challenges for shop floor personnel. The optimization process involves adjusting charting parameters like the sample size, sampling interval, and control limits within a hypothesis testing framework, thereby achieving optimal system performance. Numerous optimization models have been developed to enhance control chart performance. This paper introduces a classification scheme to analyze and categorize the existing research on control chart optimization. By conducting a thorough review of more than 240 articles, the study pinpoints research gaps and offers valuable insights, thereby advancing the future research in this domain.