Wind energy, which generates zero emissions, is an environmentally friendly alternative to conventional electricity generation. For this reason, wind energy is a very popular topic, and there are many studies on this subject. Previous studies have often focused on onshore or offshore installations, lacking comprehensive comparisons and often not accounting for technological advancements and their impact on cost and efficiency. This study addresses these gaps by comparing onshore and offshore wind turbines worldwide in terms of installed capacity, levelized cost of electricity (LCOE), total installed cost (TIC), capacity factor (CF), turbine capacity, hub height, and rotor diameter. Results show that onshore wind power capacity constituted 98.49% in 2010, 97.23% in 2015, and 92.9% in 2022 of the world’s total cumulative installed wind power capacity. Offshore wind capacity has increased yearly due to advantages like stronger, more stable winds and easier installation of large turbine components. LCOE for onshore wind farms decreased from 0.1021 USD/kWh in 2010 to 0.0331 USD/kWh in 2021, while offshore LCOE decreased from 0.1879 USD/kWh in 2010 to 0.0752 USD/kWh in 2021. By 2050, wind energy will contribute to 35% of the global electricity production. This study overcomes previous limitations by providing a comprehensive and updated comparison that incorporates recent technological advancements and market trends to better inform future energy policies and investments.