Modular multilevel converters have several attractive features such as a modular structure, the capability of transformer-less operation, easy scalability in terms of voltage and current, low expense for redundancy and fault tolerant operation, high availability, utilization of standard components, and excellent quality of the output waveforms. These features have increased the interest of industry and research in this topology, resulting in the development of new circuit configurations, converter models, control schemes, and modulation strategies. This paper presents a review of the latest achievements of modular multilevel converters regarding the mentioned research topics, new applications, and future trends.