The revolution of microgrids (MGs) in the modern world has impacted the power systems to deal with the loads with optimal use of renewable energy resources (RERs). In the models consisting of energy management systems (EMS) and generation sources, there will be power fluctuations between the source and the load under certain conditions due to the unpredictable behavior of RERs. Therefore, a reliable scheme has to be implemented between the source and the load to ensure optimal performance of direct current (DC)‐MGs. This article has presented a review of the EMS models introduced by various researchers to enable optimal power supply and efficient operation of the DC‐MGs. A thorough illustration of the schemes adopted to provide efficient operations under grid‐connected and islanded mode of operations are provided. The effects and advantages of centralized and decentralized EMSs are discussed. The role of a battery energy storage system (BESS) in microgrid scheduling is presented and compared with a few other energy storage systems. The scheduling strategies implemented for optimal EMS using different algorithms and techniques are elaborated. In addition, the effects of battery degradation and the formulated solutions to improve the degraded models with improved battery life are also provided with cycle life and calendar life. Then, the lithium ion and lead acid BESS effect on microgrid EMS is presented. Finally, the energy management methods for DC‐MGs end with challenges, research gaps, and future direction.