The present review compiles and critically evaluates studies on the synthesis of dimethyl carbonate (DMC) using different techniques and catalysts with reaction conditions, a wide range of applications and environmental impact. In this review, we compare different strategies, wide variety of catalysts, and advantages and disadvantages of various DMC synthesis routes. We particularly focus on catalyst advancements for DMC synthesis from transesterification of carbonates/urea, and direct or indirect conversions of CO₂. Mechanisms of synthesis along with future perspectives have also been discussed. The transesterification of propylene carbonate and ethylene carbonate is an effective process for DMC synthesis. CO₂ with methanol is an emerging route for DMC synthesis. The major problems in various routes such as thermodynamic limitations, low yield and reaction rate, deactivation of catalyst due to hydrolysis have been discussed. Finally, potential applications of DMC and effective use as a multifunctional compound are exemplified.