The use of asbestos in brake pads is being eliminated due to its carcinogenic effect. Due to this, there is a need for better alternative in the brake pad material to replace asbestos fibers. This leads to the development of more natural fibers/filler-based brake pads which are safer to the environment, cheaper, and readily available. Moreover, bio fillers-based brake pads have shown excellent performance compared to asbestos. This paper addresses the different composition of brake pad materials and manufacturing techniques. Common binders like epoxy resin, Phenolic resin-based brake pads were analyzed and its effect on the mechanical, tribological, and thermal performance were critically analyzed. Also, the performance of metal matrix-based brake pad has been analyzed in detail. It has been observed that utilizing natural fibers as a reinforcement provides an excellent braking performance compared to metallic and carbon fiber-based brake pads. This research will open new avenues towards “Net Zero.”