The critical functional part of any high performance resonance based sensor is a mechanical resonator. The performance is measured by resonator quality factor (Q-factor). Damping mechanisms such as thermoelastic damping (TED), anchor loss, surface loss, material internal friction, fluid damping and electronics damping are covered in this review with more focus on gyroscope resonators. Dissipations can be reduced by different means. Hence, the effects of various design to operational parameters on the Q-factor for different configurations, sizes and materials are reviewed in detail. Micro scale ring resonators can achieve a Q-factor of the order of hundreds of thousands. Macro scale hemispherical resonators are suitable for ultrahigh Q-factors. High temperature sensor operation is not preferred because of TED, while sub-zero operation is limited by material internal friction. Few orders of dissipation increase are seen with thin film metallic coating due to TED and coating material internal friction. High precision fabrication is mandatory to achieve the designed minimum anchor loss as it is highly sensitive to fabrication imperfections. Q-factor sensitivity to operating pressure is different for different resonator configurations. This review study helps to build a comprehensive mechanical resonator design, realization and operation strategy to achieve high sensor performance. A roadmap on future research requirements for developing compact mass producible CVG type sensors with ultrahigh Q-factor is also highlighted.