Investment casting process is known to its capability of producing clear net shape, high-dimensional accuracy and intricate design. Consistent research effort has been made by various researchers with an objective to explore the world of investment casting. Literature review revealed the effect of processing parameters on output parameters of cast specimen. This article highlights the advancements made and proposed at each step of investment casting and its hybridization with other process. Besides, investment casting has always been known to manufacture parts such as weapons, jewellery item, idols and statues of god and goddess since 3000 BC; this article reviews the present applications and trends in combination of rapid prototyping technique as integrated investment casting to serve in medical science. Advancements in shell moulding with incorporation of fibre and polymer, development of alternative feedstock filament to fused deposition modelling are duly discussed. The aim of this review article is to present state of art review of investment casting since 3200 BC. This article is organized as follows: in section ‘Introduction’, introduction to investment casting steps is given along with researches undertaken at each step; in section ‘Rapid prototyping technique’, background is given on the concept of rapid prototyping technique by examining the various approaches taken in the literature for defining rapid prototyping technique; section ‘Biomedical applications of RPT’ presents the medicine or biomedical applications of investment casting and rapid prototyping technique; section ‘Future trends’ provides some perspectives on future research and section ‘Conclusion’ closes the article by offering conclusions.