Power quality (PQ) is gaining a great deal of importance as more sensitive loads are introduced into the utility grid. The degradation of product quality, damage of equipment and temporary shutdowns are the general issues associated with PQ problems in industries. Any mal-operation or damage of the industrial sensitive loads results in monetary losses disproportionately higher than the severity of the PQ issues. The evolution of power electronics technology replaced the traditional power quality mitigation methods with the introduction of Custom Power System devices (CUPS). The major power electronic controller based CUPS are DSTATCOM, DVR and UPQC. DVR is a pertinent solution for the economic losses caused by the PQ issues in the industries. Among the CUPS, DVR is the most cost-effective one. In the published literature, only a few papers correspond to the review of DVR technology. In this paper, a systematic review of published literature is conducted and a description is given on the design, standards and challenges in the DVR technology. A detailed survey is conducted on the published