In the design process, aspects of form and aesthetics are always thought of carefully, along with technical functionality. If only functionality were the requisite aspect of the design, there would be only one design of each product. People demand variation in product design to satisfy their emotional needs. Moreover, market research has shown that consumers who decide only based on pure facts are extremely small, and mostly they decide with their emotions. As consumers are becoming more and more aware, functionality and usability are more and more taken for granted in products, and consumers are eyeing for the attainment of higher-level needs, i.e., emotional needs. Therefore, the emotional aspect of design has gained significance in design education, practice, and research in the recent past. In this regard, it is essential to understand what emotions are and how design affects consumer emotional responses. This paper explores the fundamental terminologies in emotion research to understand and develop a perspective exploring relationships between design, emotion, and consumer responses. It involves reviewing and critically analyzing seminal studies, theories, and models previously proposed in this domain (viz. Emotional Design, Appraisal Theory, Pleasure Model, Technology as Experience Framework, and Product Personality Assignment). Based on the review insights, we enlist the advantages and limitations of each of the reviewed theories. It is expected that design practitioners, cognitive scientists, and ergonomists would find the insights drawn in the current study helpful while designing products that elicit the intended emotional response.