The rapid development in wireless technologies is positioning the Internet of Things (IoT) as an essential part of our daily lives. Localization is one of the most attractive applications related to IoT. In the past few years, localization has been gaining attention because of its applicability in safety, health monitoring, environment monitoring, and security. As a result, various localization-based wireless frameworks are being presented to improve such applications’ performances based on specific key performance indicators (KPIs). Therefore, this paper explores the recently proposed localization schemes in IoT. Initially, this paper explains the major KPIs of localization. After that, a thorough comparison of recently proposed localization schemes based on the KPIs is presented. The comparison includes an overview, architecture, network structure, performance parameters, and target KPIs. At the end, possible future directions are presented for the researchers working in this domain.