The requirements of software users are changing dynamically with a rapid pace which is attributed to the competitive environment and strong market position. The software industry needs to accomplish wearisome task of producing and upgrading the quality application software cost-effectively. With the advent of new technology, the up gradations and enhancements in the software have become more viable. Equipped with technology, the software industry releases new software rapidly at regular time intervals. Apart from the quick releases, the utmost need of the hour is to ensure that the software will perform without failure for specific duration of time under specified conditions to meet the expectations of the users. Therefore, the prediction and quantification of software reliability is consequential. Software reliability growth models (SRGM) are robust tools used for the quantitative prediction of software reliability. SRGM use failure data to graphically analyze the pattern of failure detection rate to measure software reliability, in terms of two basic curves, - S-shape curve and Concave curve. The focus of the paper is to review the basic SRGMs on the basis different shapes of the failure curve attained during the software reliability quantification process.