Recent years have seen a surge in interest in DC microgrids as DC loads and DC sources like solar photovoltaic systems, fuel cells, batteries, and other options have become more mainstream. As more distributed energy resources (DERs) are integrated into an existing smart grid, DC networks have come to the forefront of the industry. DC systems completely sidestep the need for synchronization, reactive power control, and frequency control. DC systems are more dependable and productive than ever before because AC systems are prone to all of these issues. There is a lot of unrealized potential in DC power, but it also faces some significant challenges. Protecting a DC system is difficult because there is no discrete location of where the current disappears. DC microgrid stability that is dependent on inertia must also be considered during the planning stage. The problems that DC microgrids have include insufficient power quality and poor communication. The power quality, inertia, communication, and economic operations of these value streams, as well as their underlying architectures and protection schemes, are all extensively discussed in this paper. This review paper examines the pros and cons of both grid-connected and isolated DC microgrids. In addition, the paper compares the different kinds of microgrids in terms of power distribution and energy management agency, such as the prerequisites for a DC microgrid’s planning, operation, and control that must be met before state-of-the-art systems can be implemented.