A microgrid comprises distributed generation, energy storage, loads, and a control system that is capable of operating in grid-tied mode and/or islanded mode. As operation modes are shifted, the microgrid should successfully manage the voltage and frequency adjustment in order to protect the grid and any loads connected to the system. Facilitation of the generation-side and load-side management and the resynchronization process is required. This paper presents an overall description and typically distributed generation technology of a microgrid. It also adds a comprehensive study on energy storage devices, microgrid loads, interfaced distributed energy resources (DER), power electronic interface modules and the interconnection of multiple microgrids. Details of stability, control, and communication strategies are also provided in this study. This article describes the existing control techniques of microgrids that are installed all over the world and has tabulated the comparison of various control methods with pros and cons. Moreover, it aids the researcher in envisioning an actual situation using a microgrid today and provides insight into the possible evolvement of future grids. In conclusion, the study emphasizes the remarkable findings and potential research areas that could enrich future microgrid facilities.