Matrix converters have been extensively investigated in academia over the last 3 decades. Several review works targeting matrix converter topologies, commutation strategies, modulation and control techniques have been published. However, to the best of the authors’ knowledge, a review on the potential contributions of matrix converters for applications that are shaping the electric power sector transition towards decarbonization is lacking, namely applications on smart grids, sustainable transportation and electrical drives. This paper presents an extensive literature review on the more relevant research works targeting applications of matrix converters as an enabling key technology for smart and resilient grids, sustainable transportation, and innovation in variable speed electric drives.