Studies on the impact of liquid drops, particularly over the last twenty years, have attracted the researchers' attention due to the demand for improved predictive accuracy across various industries. This paper provides a review of existing research on mass and momentum interactions, as well as phase changes, that occur when drops impact a liquid surface. Initially, the classification of impact liquids and the non-dimensional numbers utilized in drop impact are introduced. Subsequently, the experimental, numerical, and theoretical methods employed in past research are discussed. These findings are obtained by careful analysis of drop collision phenomena. This analysis includes the formation of the crown sheet, jet, and various splash types that occur during high-velocity impacts. Each of these phenomena is examined regarding the fundamental physical mechanisms involved, as well as the relevant predictive correlations and models. Based on the liquid depth in which the droplet impacts, the studies are categorized into thin film, liquid film, shallow pool, and deep pool, and this study covers all four types. Although considerable efforts have been made in the past to comprehend and characterize these phenomena, there remains a substantial gap in past research, particularly concerning multiple drop impacts and phase changes during impingement on liquid surfaces. Therefore, this article provides an in-depth review of experimental, numerical, and theoretical models of drop impact on liquid surfaces, which includes a comprehensive understanding of their underlying physics in all these phenomena.