Enhancing and regulating power quality is a fundamental necessity in any industry reliant on power, aiming for the optimal utilization of resources. The power quality challenges, including sags, swells, harmonic distortions, and interruptions, have been acknowledged as critical issues. Among these, sags and swells are prevalent and can significantly impact electrical devices or machines, necessitating swift compensation to prevent malfunction or failure. Custom power devices such as the Unified Power-Quality Conditioner (UPQC), Distribution Static Synchronous Compensator (DSTATCOM), and Dynamic Voltage Restorer (DVR) are employed to address these issues. The DVR, a custom power device specifically designed for compensating voltage sags and swells, offers the advantage of active/reactive power control. A considerable body of literature over the past years has explored various DVR configurations and control techniques. This comprehensive review focuses on DVRs, presenting diverse power circuit topologies and control techniques available to address power quality issues. Noteworthy advancements in DVR technology include the incorporation of advanced control algorithms, facilitating more accurate voltage tracking and precise injection of compensating voltage. These algorithms can be implemented through digital signal processors (DSPs) or field-programmable gate arrays (FPGAs), ensuring rapid and precise DVR control. Furthermore, the adoption of high-frequency inverters in DVRs represents a significant development. These inverters operate at much higher frequencies than traditional counterparts, enabling quicker switching and the injection of a more precise compensating voltage. This review aims to assist in selecting optimal control strategies and power circuits for DVRs tailored to specific requirements, providing valuable insights for researchers in this field.