Multi-level inverters (MLIs) have been widely used in recent years due to their various advantages in industrial and grid-connected applications. Traditional MLI topologies are being hampered by the rapid surge of renewable energy systems (RES) as a result of performance difficulties such as poor power reliability, an economically unviable structure, and a lack of efficiency. These difficulties are due to the traditional MLI topologies’ inability to keep up with the increasing demand for RES. Because of concerns about performance and limitations posed by classic MLI topologies, researchers have found themselves driven to the idea of building innovative hybrid MLI topologies. This study provides a comprehensive analysis of multilevel inverter systems that are wired into the main power supply. Grid-connected inverter types and their configurations are discussed in depth in this review. Diverse multi-level inverter topologies, as well as the different approaches, are divided into various categories and discussed in depth. Additionally, a number of control reference frames for inverters were brought forward for discussion. Furthermore, different inverter control strategies were investigated, followed by a tabular summary of recent developments in the inverter-related literature for the convenience of the readers. Moreover, the recently proposed grid-connected multi-level inverter systems were discussed including their findings and innovations. In conclusion, a brief description of the study’s scope was offered and research directions for future studies were provided.