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An increasing demand of secure data transmission over internet leads to the challenge of implementing a consistent cryptosystem. In 2004, USA navy published the patent which highlights the importance of fractal as an encryption/decryption key in a cryptosystem [1]. Fractal possess butterfly effect i.e. sensitivity to initial condition, due to which small change in input produces a major change in output. This paper summarizes the various recent image encryption techniques in which fractal key is used to encrypt/decrypt followed by substitution, scrambling and diffusion techniques to provide strong cryptosystem. The algorithms covered both private key encryption as well as public key encryption technique in the paper. The analysed algorithms include a set of fractal function such as Mandelbrot set, Julia set, Hilbert curve, 3D fractal, multi-fractal, IFS and chaotic function to generate a complex key used in the encryption process. Corresponding performance of each algorithm is analysed by PSNR test, key space, sensitivity analysis and correlation coefficient value between the adjacent pixels of both images (Original image and encrypted image) which shows significant improvement in performance over the traditional encryption methods.