This report provides an overview of technologies for image based navigation as well as a summary of ongoing research. A description of some guided weapons where image based navigation is in use in fielded systems today and in test platforms is provided. Most of the image based navigation technologies and the research that is published in public literature are focused on unmanned aerial vehicles for civilian usage. An attempt to identify possibilities and limitations for using the same algorithms and techniques in guided weapons is also provided. Future work should include assessments of accuracy in navigation for high speed platforms, in varying terrains and weather.