Modern manufacturing world is going through a wave of revolution because of new trends like 'mass customization', 'design anywhere, and manufacture anywhere' etc. For realization of these concepts, optimal use of resources and increase in speed of overall manufacturing process without compromising in quality standards is crucial. In recent years, use of Information and communication technology (ICT) has been increased to tackle these particular issues. Especially after emergence of Cloud computing paradigm, dedicated research work in this area focusing on manufacturing problems has increased substantially, which resulted into development of specialized branch known as 'Cloud Manufacturing' . In this paper, thorough literature review of past and ongoing research of Cloud Manufacturing is presented. After surveying volumes of available publications, a systematic critical assessment of impact and feasibility of Cloud technology on various manufacturing fields is done. This study has concluded on positive note suggesting that Cloud Manufacturing is indeed a noteworthy technological development. Towards the end of the paper some recommendations are made based on identified shortcomings of present research work.