The unanticipated outbreak of the novel coronavirus later identified as Severe Acute Respiratory Syndrome Coronavirus 2(SARS-CoV-2) has rendered the world speechless. After only two and a half months since the first case was reported in the Wuhan city of China, the WHO declared the coronavirus disease a pandemic. So far the virus has covered all 196 countries infecting millions. Scientists all over the world are putting in all their resources to formulate a vaccine to put an end to this pandemic. Meanwhile, prevention remains the only option. It is necessary to contain the disease to slow down its spread rate and for that fast and accurate diagnosis is vital. This review summarizes the current approaches for the diagnosis of the coronavirus disease. They are categorized based on their target molecule (RNA, antigens, or antibodies). We have also shed light on some newly emerging rapid testing techniques using chest scans and biosensors for high specificity to get more accurate results. The use of any one of them depends upon the severity of the case. At times more than one technique is used to get a sure outcome. Culture-based virus detection in the lab act as the gold standard of accuracy for all of these techniques. The study of the underlying mechanism of these techniques also helps to understand the virulent behavior of the virus and its mode of action. Taking into consideration all of these approaches, each one has its limitation that is also discussed in this article.