Direct current (DC) microgrids (MG) constitute a research field that has gained great attention over the past few years, challenging the well-established dominance of their alternating current (AC) counterparts in Low Voltage (LV) (up to 1.5 kV) as well as Medium Voltage (MV) applications (up to 50 kV). The main reasons behind this change are: (i) the ascending amalgamation of Renewable Energy Sources (RES) and Battery Energy Storage Systems (BESS), which predominantly supply DC power to the energy mix that meets electrical power demand and (ii) the ascending use of electronic loads and other DC-powered devices by the end-users. In this sense, DC distribution provides a more efficient interface between the majority of Distributed Energy Resources (DER) and part of the total load of a MG. The early adopters of DC MGs include mostly buildings with high RES production, ships, data centers, electric vehicle (EV) charging stations and traction systems. However, the lack of expertise and the insufficient standards’ framework inhibit their wider spread. This review paper presents the state of the art of LV and MV DC MGs in terms of advantages/disadvantages over their AC counterparts, their interface with the AC main grid, topologies, control, applications, ancillary services and standardization issues. Overall, the aim of this review is to highlight the possibilities provided by DC MG architectures as well as the necessity for a solid/inclusive regulatory framework, which is their main weakness.