The thermochemical water-splitting method is a promising technology for efficiently converting renewable thermal energy sources into green hydrogen. This technique is primarily based on recirculating an active material, capable of experiencing multiple reduction-oxidation (redox) steps through an integrated cycle to convert water into separate streams of hydrogen and oxygen. The thermochemical cycles are divided into two main categories according to their operating temperatures, namely low-temperature cycles (<1100 °C) and high-temperature cycles (<1100 °C). The copper chlorine cycle offers relatively higher efficiency and lower costs for hydrogen production among the low-temperature processes. In contrast, the zinc oxide and ferrite cycles show great potential for developing large-scale high-temperature cycles. Although, several challenges, such as energy storage capacity, durability, cost-effectiveness, etc., should be addressed before scaling up these technologies into commercial plants for hydrogen production. This review critically examines various aspects of the most promising thermochemical water-splitting cycles, with a particular focus on their capabilities to produce green hydrogen with high performance, redox pairs stability, and the technology maturity and readiness for commercial use.