The success of machine represented web known as semantic web largely hinges on ontologies. Ontology is a data modeling technique for structured data repository premised on collection of concepts with their semantic relationships and constraints on domain. There are existing methodologies to aid ontology development process. However, there is no single correct ontology design methodology. Therefore, this paper aims to present a review on existing ontology development approaches for different domains with the goal of identifying individual methodology’s weakness and suggests for hybridization in order to strengthen ontology development in terms of its content and constructions correctness. The analysis and comparison of the review were carried out by considering these criteria but not limited to: activities of each method, the initial domain of the methodology, ontology created from scratch or reuse, frequently used ontology management tools based on literature, subject granularity, and usage across different platforms. This review based on the literature showed some approaches that exhibit the required principles of ontology engineering in tandem with software development principles. Nonetheless, the review still noted some gaps among the methodologies that when bridged or hybridized a better correctness of ontology development would be achieved in building intelligent system.