Underwater vision is essential in numerous applications, such as marine resource surveying, autonomous navigation, objective detection, and target monitoring. However, raw underwater images often suffer from significant color deviations due to light attenuation, presenting challenges for practical use. This systematic literature review examines the latest advancements in color correction methods for underwater image enhancement. The core objectives of the review are to identify and critically analyze existing approaches, highlighting their strengths, limitations, and areas for future research. A comprehensive search across eight scholarly databases resulted in the identification of 67 relevant studies published between 2010 and 2024. These studies introduce 13 distinct methods for enhancing underwater images, which can be categorized into three groups: physical models, non-physical models, and deep learning-based methods. Physical model-based methods aim to reverse the effects of underwater image degradation by simulating the physical processes of light attenuation and scattering. In contrast, non-physical model-based methods focus on manipulating pixel values without modeling these underlying degradation processes. Deep learning-based methods, by leveraging data-driven approaches, aim to learn mappings between degraded and enhanced images through large datasets. However, challenges persist across all categories, including algorithmic limitations, data dependency, computational complexity, and performance variability across diverse underwater environments. This review consolidates the current knowledge, providing a taxonomy of methods while identifying critical research gaps. It emphasizes the need to improve adaptability across diverse underwater conditions and reduce computational complexity for real-time applications. The review findings serve as a guide for future research to overcome these challenges and advance the field of underwater image enhancement.