This paper puts into perspective the state-of-the art knowledge on bearing currents and diagnosis tools, which rely on shaft voltages and bearing currents phenomena. Today, shaft signals measurements are progressively included in predictive health monitoring of large turbo and hydro generators. In addition, bearing fault diagnosis through shaft signals have recently gained some attention to improve reliability and estimation of the remaining useful life in electrical drives. The main objective of this paper is to provide diagnosticians with a broad overview of the current trends in fault diagnosis through shaft signals. Therefore, the study presents a critical review of the measurements methods, advantages, and disadvantages of fault diagnosis methods, and suggests future possible enhancements for bearing health monitoring through shaft signals.