The rapid progress in semiconductor technology has vastly boosted the development of terahertz sources and receivers in terms of compactness, reliability, operation frequency, and output power. In this manuscript, we report on the latest achievements in terahertz sources and receivers and provide a comprehensive overview of their working principles and applications in THz systems. INDEX TERMS THz technologies, THz photodiodes, THz photoconductors, THz semiconductor laser diodes, THz quantum cascade lasers, THz heterojunction bipolar transistors, THz high electron mobility transistor, THz resonant tunneling diodes, THz Schottky barrier detectors and mixers. This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see https://creativecommons.org/licenses/by/4.0/ SUMER MAKHLOUF received the master's degree in communications engineering from the University of Duisburg-Essen, Duisburg, Germany, in 2018. He is currently working toward the Ph.D. degree in monolithically integrated THz photodiodes with rectangular waveguide outputs for coherent THz receivers. He is currently a Member of the Optoelectronics Department, Center for Semiconductor Technology and Optoelectronics (ZHO) and Research Associate with the University of Duisburg-Essen. Recently, he has been a Senior Engineer with Microwave Photonics GmbH, Oberhausen, Germany, working on developing RF modules for space communications and photonic integrated circuits for ultra-low phase noise THz systems.