Digital image correlation (DIC) metrology has been increasingly used in a wide range of experimental mechanics research and applications. The DIC algorithm used so far is however limited mostly to the classic forward additive Lucas–Kanade type. In this paper, a survey is given about the formulation of other types of Lucas–Kanade DIC algorithms that have been appeared in computer vision, robotics, medical image analysis literature and so on. Concise notations consistent with the finite deformation kinematics analysis in continuum mechanics are used to describe all Lucas–Kanade DIC algorithms. An intermediate image is introduced as a frame of reference to clarify the so‐called compositional algorithms in a two‐frame DIC analysis. Explicit examples about the additive and compositional updating of deformation parameters are given for affine deformation mapping. Extensions of these algorithms to the so‐called consistent or symmetric types are also presented. The equivalency of final numerical solutions using additive, compositional and inverse compositional algorithms is shown analytically for the case of affine deformation mapping. In particular, the inverse compositional algorithm for affine image subset deformation is highlighted for its superior computational efficiency. While computationally less efficient, consistent and symmetric algorithms may be more robust and less biased and their potentials in experimental mechanics applications remain to be explored. The unified formulation of these Lucas–Kanade DIC algorithms collected all together in this paper can serve as a useful guide for researchers in experimental mechanics to further evaluate the merits as well as limitations of these non‐classic algorithms for image‐based precision displacement measurement applications.