In recent years, there has been a growing desire to monitor and control harmful substances arising from industrial processes that impact upon our health and quality of life. This has led to a large market demand for gas sensors, which are commonly based on sensors that rely upon a chemical reaction with the target analyte. In contrast, thermal conductivity detectors are physical sensors that detect gases through a change in their thermal conductivity. Thermal conductivity gas sensors offer several advantages over their chemical (reactive) counterparts that include higher reproducibility, better stability, lower cost, lower power consumption, simpler construction, faster response time, longer lifetime, wide dynamic range, and smaller footprint. It is for these reasons, despite a poor selectivity, that they are gaining renewed interest after recent developments in MEMS-based silicon sensors allowing CMOS integration and smart application within the emerging Internet of Things (IoT). This timely review focuses on the state-of-the-art in thermal conductivity sensors; it contains a general introduction, theory of operation, interface electronics, use in commercial applications, and recent research developments. In addition, both steady-state and transient methods of operation are discussed with their relative advantages and disadvantages presented. Finally, some of recent innovations in thermal conductivity gas sensors are explored.