Shaped charges are devices used for cutting or penetrating different aerial, on land, and underwater targets, based on the concentration of the explosion energy to the liner. The purpose of this study is to present a practical review of the studies related to shaped charges in the last twenty years (2000–2020). In this regard, these studies have been reviewed in two different categories for ordinary and advanced shaped charges. In the case of ordinary shaped charges, different aspects including shaped charges against different targets, different types of shaped charges (such as linear shaped charge and explosively formed penetrators), and theoretical advancements are presented. On the other hand, the new kinds of shaped charges developed for a specific purpose are introduced in the case of advanced shaped charges. The survey of the literature indicates that different concepts such as cut-off velocity and theoretical applicability of hydrodynamics theory in shaped charge penetration still Requires effort. Also, few studies have been focused on new shaped charges, such as hyper-velocity shaped charges, annular and dual-mode ones; and the field is still open for further progress. Besides, some of these new shaped-charges, such as double-layer shaped charges, are not realistic enough to be produced for practical purposes or the market.