Multimodal image retrieval, which involves retrieving images using various modalities such as text, audio, or other images, has significant research importance due to its wide-ranging applications and potential to enhance user experiences across multiple domains. Traditional image retrieval systems, content-based image retrieval (CBIR) systems rely solely on visual features, which can be limiting. By integrating multiple modalities, multimodal retrieval systems can offer more robust and accurate results. A research problem is considered multimodal when it integrates information from more than one type of data source. In multimodal image retrieval (MMIR) systems, one form of data is used to search for outcomes in the same or different modalities. In contrast, cross-modal systems strictly retrieve information from a different modality. A significant challenge in these systems is the effective comparison of input-output queries from different data types, due to their basic forms and the subjective nature of content similarity. Researchers have proposed various techniques to address this challenge and to bridge the semantic gap in information retrieval across different modalities. This article presents comprehensive analysis of various research works pertained in this multimodal image retrieval. The results and comparative analysis of current research works on benchmark datasets have also been discussed. At the end of the paper, some of open issues are presented for future research directions.