In this project, scenario rapid product development (RPD) becomes essential for product manufacturers for their survival. However, success of RPD depends on advancement and effective utilization of many more available technologies. Now with the availability of Computer Aided Design (CAD) / Computer Aided Manufacturing (CAM) for RPD making the demands of the present day industry are taken care. The product development by CAD/CAM reduces the considerable time of equipment and is made with higher accuracy and repeat-ability resulting in faster development of products and less rejection in the long run this approach to product developing results in cost effectiveness. This project reviews the technological advancements in CAD/CAM Systems. This project also depicts the lead-time reduction in product development through modeling with CAD/CAM and application of reverse engineering, Rapid prototyping and CNC approach to RPD.