Today, as we are observing, massive sized and complex structured data is becoming available from variety of diverse sources, organizations are making attempt to utilize these plentiful resources for the purpose of enhance innovation, increase decisional and operational efficiency. Machine learning is a kind of artificial intelligence method to discover knowledge for making intelligent decisions. Big Data has vast impacts on scientific discoveries and value creation. This paper presents an extensive literature study and review of latest advances, developments and new methodologies in researches on machine learning for processing big data. We have discussed various types of data types, learning methods, vital issues in big data processing and application of machine learning approaches in big data. Finally, we have outlined some open problems in this domain and our further research aims and directions. © Research India Publications.