Preservation of privacy in data mining has emerged as an absolute prerequisite for exchanging confidential information in terms of data analysis, validation, and publishing. Ever-escalating internet phishing posed severe threat on widespread propagation of sensitive information over the web. Conversely, the dubious feelings and contentions mediated unwillingness of various information providers towards the reliability protection of data from disclosure often results utter rejection in data sharing or incorrect information sharing. This article provides a panoramic overview on new perspective and systematic interpretation of a list published literatures via their meticulous organization in subcategories. The fundamental notions of the existing privacy preserving data mining methods, their merits, and shortcomings are presented. The current privacy preserving data mining techniques are classified based on distortion, association rule, hide association rule, taxonomy, clustering, associative classification, outsourced data mining, distributed, and k-anonymity, where their notable advantages and disadvantages are emphasized. This careful scrutiny reveals the past development, present research challenges, future trends, the gaps and weaknesses. Further significant enhancements for more robust privacy protection and preservation are affirmed to be mandatory.