Braces are commonly used for the management of musculoskeletal injuries. With improvements in design and application, the knee brace has gained recognition by many as a treatment and prevention modality. However, there exist many different categories of knee braces, leading to confusion among many end users. The theoretical basis of the mechanism of action of the unloader, prophylactic, patellofemoral, and functional knee braces are explained in this review. This article also provides an update on the various knee braces in terms of the clinical efficacy and appropriate prescription recommendations.