Live Multimedia Streaming application have acquired immense popularity in today"s area of Research, but toils extreme influence on the media servers and the Internet. Here comes peer-to-peer (P2P) networks with high scalability and low cost which serves as the best solution for the above stated scenario. Various Deployments and a number of Real-time media streaming strategies based on P2P have occurred in the Internet. These schemes persist in branching out from impersonate IP Multicast to Bit-Torrent like crowded streaming, Hash tables in the Distributed manner and recently heading out as Cloud-based P2P. In this Survey, a comprehensive and an in-depth study of Real time P2P Media streaming from an algorithmic context have been presented. The purpose of this survey is to intimate the emerging researchers with various existing architectures and their influence on the performance of the system. One of the Prime goal of P2P Live Media streaming is to dispense the media chunks from the source to peers and the aggregate path through which the chunks trot constitute a Tree. This survey focuses on three prospects of how the trees and on what basis they are constructed, ordaining towards the relationship between the sender and the receiver of the chunks and how to deal with the missing chunks. This survey concentrates on various design choices and Taxonomies based on the choices. It explains about different metrics based on the performance specified in each surveyed papers. This paper has classified the measures of identifying the impact of individual system flow into two categories namely (i) Internal metrics and (ii) External metrics for better understanding and clarity. Inter relationship between various design schemes have been surveyed. © 2015 IEEE.