Mobile Edge computing (MEC) is a computing paradigm which extends the cloud computing services (i.e., storage and computation resources) at the edge of network or closer to the end devices/users to deal with the conventional limitations of a cloud (e.g., high latency) for latency-stringent applications. But it is constrained with computing resources, hence efficient resource management is of exigence in MEC. This article presents a distinctive taxonomy of resource management by considering the latest and state-of-the-art techniques and algorithms in the MEC. The preferred literature from the existing research works is classified for resource management in MEC in terms of resource type, objective, resource location, and resource usage. Moreover, applications related to the MEC platform are also elaborated. Further research challenges and potential future directions are explored for viable investigation and research. © 2022 IEEE.