High-voltage (HV) transmit/receive (TX/RX) switches are pivotal components in systems requiring efficient control of signal flow between high-power transmitters and sensitive receivers, particularly in ultrasound imaging. These switches must meet stringent performance criteria, including high voltage-handling capability, low insertion loss, high isolation, and minimal distortion, all while adhering to compact and low-power design constraints. This review paper provides a comprehensive exploration of the design challenges, emerging technologies, and diverse applications of high-voltage TX/RX switches, with a particular focus on their critical role in medical ultrasound imaging systems. Key design considerations, such as the optimization of on-state resistance, off-state capacitance, and voltage stress management, are discussed in detail. Recent advancements in semiconductor technologies, including the adoption of wide-bandgap materials like silicon carbide (SiC) and gallium nitride (GaN), are highlighted as transformative innovations that enable superior performance and integration. Furthermore, the paper examines the practical implications of these technologies in industrial and biomedical contexts, emphasizing their potential to enhance image quality, reduce power consumption, and enable miniaturization in portable ultrasound devices. By bridging the gap between academic research and industrial practice, this review aims to provide valuable insights for circuit designers, researchers, and industry professionals working on next-generation high-voltage TX/RX switches. It also identifies future trends and opportunities for innovation, setting the stage for advancements in this critical field.