DC microgrids are gaining more attention with the increased penetration of various DC sources such as solar photovoltaic systems, fuel cells, batteries, etc., and DC loads. Due to the rapid integration of these components into the existing power system, the importance of DC microgrids has reached a salient point. Compared with conventional AC systems, DC systems are free from synchronization issues, reactive power control, frequency control, etc., and are more reliable and efficient. However, many challenges need to be addressed for utilizing DC power to its full potential. The absence of natural current zero is a significant issue in protecting DC systems. In addition, the stability of the DC microgrid, which relies on inertia, needs to be considered during system design. Moreover, power quality and communication issues are also significant challenges in DC microgrids. This paper presents a review of various value streams of DC microgrids including architectures, protection schemes, power quality, inertia, communication, and economic operation. In addition, comparisons between different microgrid configurations, the state-of-the-art projects of DC microgrid, and future trends are also set forth for further studies.