Electric power is flexible, easily controlled and is used in everyone's daily life. Humans can't use other form of energy except electric power because electric power, is one of the main factor to economic development, improved health care, poverty alleviation, and cleaner environment for a society. According to an estimate people more than 1.5 billion worldwide don't have sufficient access to electric power due to inaccessibility, electrification via traditional centralized form of grid was not a feasible option. This led to phenomenal research interest in microgrid based energy supply. Microgrids are low voltage network's that are designed to generate, transmit and distribute electrical energy. These grids accomplish specific goals such as cost reduction, CO2 emission reduction, reliability and diversification of energy sources. Microgrids are an ideal way to integrate renewable energy resources in the local community and allow consumer participation in an energy enterprise. In this chapter, we present a comprehensive overview of recent advancement in Microgrids.