Flow-induced vibration is of prime concern to the designers of heat exchangers subjected to high flows of gases or liquids. Excessive vibration may cause tube failure due to fatigue or fretting-wear. Tube failure results in, expensive plant upholding and suffers loss of production. Therefore, tube failure due to unwarranted vibration must be avoided in process heat exchangers and nuclear steam generators, preferably at design stage. Such vibration problems may be avoided through a comprehensive flowinduced vibration analysis before fabrication of heat exchangers. However, it requires an understanding of vibration mechanism and parameters related to flow-induced vibration. For an accurate vibration analysis, it is of prime importance to have good estimates of structural and flow related dynamic parameters. Thus dynamic parameters such as added mass and damping are of significant concern in a flow regime. The purpose of this paper is to provide an overview of our state of knowledge and role of dynamic parameters in flow-induced vibration on tube bundles due to current trend of larger heat exchangers. The present paper provides published data, analysis, evaluation, formulation, and experimental studies related to hydrodynamic mass and damping by a large number of researchers. Guidelines for experimental research and heat exchangers design related to added mass and damping mechanisms subjected to both single and two-phase flow are outlined in this paper.