The battery pack is the core component of Electric Vehicles, with Lithium-ion (Li-ion) cells being highly adopted option. However, Li-ion batteries are vulnerable to various undesirable effects like cell imbalance, imposing meticulous monitoring and management to ensure safe and reliable operation. Practically, passive cell balancing is the most accepted technique. The existing literature on passive cell balancing is limited, making it vital to carry out a detailed review to uncover research challenges. This work poses a comprehensive outline of passive cell balancing techniques, highlighting their working principles and control strategies. The authors compare distinct passive balancing techniques, highlight their effectiveness and limitations. Furthermore, recent advancements are evaluated to examine potential progresses in performance and efficiency. By analyzing the existing literature, authors present critical research gaps, thereby emphasizing the need for further investigation to enhance the performance of cell balancing circuits.