In real world systems the term Real Time Processing has a time scale with several performance requirements. In this paper, we gave a review of applications where the Exploration of Real Time Speech Processing Strategies has provided innovative solutions for demanding real world problems in parallel processing systems, networked computer, hearing impaired and variable rate speech processing applications. Considering the available literature, it is easy to conclude that the exploration of real time speech processing strategies has been advantageous in numerous applications. A representative list of references is provided with discussions, future directions and conclusions.