A new generation of high-efficiency power devices is being developed using wide bandgap (WBG) semiconductors, like GaN and SiC, which are emerging as attractive alternatives to silicon. The recent interest in GaN has been piqued by its excellent material characteristics, including its high critical electric field, high saturation velocity, high electron mobility, and outstanding thermal stability. Therefore, the superior performance is represented by GaN-based high electron mobility transistor (HEMT) devices. They can perform at higher currents, voltages, temperatures, and frequencies, making them suitable devices for the next generation of high-efficiency power converter applications, including electric vehicles, phone chargers, renewable energy, and data centers. Thus, this review article will provide a basic overview of the various technological and scientific elements of the current GaN HEMTs technology. First, the present advancements in the GaN market and its primary application areas are briefly summarized. After that, the GaN is compared with other devices, and the GaN HEMT device’s operational material properties with different heterostructures are discussed. Then, the normally-off GaN HEMT technology with their different types are considered, especially on the recessed gate metal insulator semiconductor high electron mobility transistor (MISHEMT) and p-GaN. Hereafter, this review also discusses the reliability concerns of the GaN HEMT which are caused by trap effects like a drain, gate lag, and current collapse with numerous types of degradation. Eventually, the breakdown voltage of the GaN HEMT with some challenges has been studied.