In the European Union, 40% of the overall final energy consumption is attributable to the buildings sector. A reason for such data may be found considering that the great majority of the building stock is more than 40 years old. According to the European Commission, an interesting potential lies in the refurbishment of the building sector, and heat pump technology has been recognized as one of the most cost-effective solutions to tackle the environmental issue of this sector. Regarding heat pump technology, ground-source heat pumps (GSHPs) have been proven to be the most efficient solution on equal boundary conditions. Despite this, in most EU states’ markets, GSHPs hold only a small market share with respect to air-source heat pumps. In this paper, the state of art and possible future developments of GSHP technology have been reviewed together with a focus on the potential of such technology, most of all on the refurbishment of existing buildings, and on the obstacles to its spread. The state of art of borehole heat exchangers has been studied, focusing on the parameters characterizing the outside pipe and the pipe itself, i.e., pipe and grout materials. Moreover, an overview on the last developments involving refrigerants and secondary fluids is given. Finally, the design and control strategies of GSHPs have been reviewed.