Software is a major component of computer system. Software cost estimation is the process of predicting the budget for software development. It is an important activity of software project planning. Before beginning the process of software development, software cost needs to be estimated almost approximately which depends upon the software size, effort, hardware, personnel requirements, etc. There are various models deployed to estimate the cost but accurate cost estimate still remains a major issue. Ant colony optimization is one of the nature inspired optimization technique that helps in evaluating the cost accurately by optimizing various parameters involved in calculation of software cost. This paper presents a review on the use of ant colony optimization to estimate software development cost.