Self-balancing of two inline wheels has been a problem for many years for researchers and engineers. Many attempts have been successfully made to achieve self-balancing in two wheelers by using gyroscope. This paper illustrates on different techniques of gyroscopic stabilization in a two inline wheels system & some of the recent modern technology to achieve self -balancing in two wheelers. The factors which affects balancing are mass distribution, centre of mass of system, steering of vehicle towards left or right, acceleration & most importantly gyroscopic effect. Most of the projects are based on balancing by using reaction wheel or flywheel which uses sensors along with PID controller, some other sensors such as Control Moment Gyro (CMG) are also being developed & used for analysis. Some projects include concept of gyrowheel which use precession to avoid misbalancing. We have also studied various models of self- balancing where researchers did not use gyroscopic effect. Hondas Riding assist bike incorporating advanced robotics is an example of such system.