This paper presents an overview about particulate wear that occurs in various components of slurry pumps, pipeline systems, and hydraulic turbines due to the mechanical action caused by the flow of solid–liquid mixtures. Three most common wear problems, namely, erosion, erosion–corrosion, and abrasion occur in different industries like thermal and hydro power plants, mining, chemical, and marine industries. Therefore, the efficiency of these industries and power plants highly depends on the wear damages. So, it becomes necessary to govern the wear phenomenon. In this paper, the various properties of particles and target are discussed on which the particulate wear depends. Present overview explains the experimental methods of measuring the particulate wear at in situ and ex situ conditions by using the different types of testers, rigs, and pilot plant test loops. Moreover, the empirical and analytical correlations or models for the prediction of particulate wear in pumps, piping circuits, and hydraulic turbines are also discussed in present literature review. By studying the all possible advantages and disadvantages, the gaps in knowledge of wear prediction methods and models are highlighted. At the end, a “think-model” for the prediction as well as reduction of wear in the various components is presented on the basis of different experimental and computational fluid dynamics (CFD) based simulation work. Further investigations can be carried out to develop the more accurate and flexible models that can be used to predict the particulate wear in a wide range of applications.