Monte Carlo Method Is Used to Represent a Vast Number Ofproblem Solving Technologies Which Use Probability Statistics and Random Numbers.The Methods of Monte Carlo Are Ways of Using Computers to Solve Crucial Issuesin a Most Improbable Way. a Monte Carlo Algorithm Is Also a Computer Algorithmand It Is Used to Simulate the Other System's Behavior. It Uses Statistics Andrandomness to Get an Outcome. Thus This Study Discusses About the Monte Carlomethods, Their Major Components, Algorithms, Benefits and Drawbacks.