The Micro-Phasor Measurement Unit (µPMU) or distribution-level PMU (D-PMU) is a measurement device that measures the synchronized voltage and current values of electric power distribution networks. The synchronized data obtained by µPMUs can be used for monitoring, diagnostic, and control distribution network applications, so that operators can understand the dynamic states of the distribution network in real-time. In this paper, we review the state-of-the-art µPMU research which includes a list of µPMU applications, monitoring and diagnostic functions, control applications, and optimal placement of the µPMU. In addition, we analyze the benefits of µPMUs in distribution networks; in particular, their reliability and resiliency, cost savings, and environmental and policy benefits.