The incorporation of ejectors into heat pump and refrigeration cycles has been the subject of growing interest, largely due to their simple structure, high reliability, and cost-effectiveness. This paper investigates the recent advancements in novel design concepts of ejector-enhanced vapor compression heat pump and refrigeration cycles. An overview of novel single-stage and two-stage compression cycles utilizing a single or multiple ejectors is provided. First, the system setup, operational principles, description, and figures of the existing schemes are provided. Second, the main results, such as the coefficient of performance (COP), volumetric heating capacity and exergy destruction, are discussed. In conclusion, the paper presents a coherent summary of the current developments, future prospects, and the current knowledge gap. A plethora of research is present in developing theoretical systems with high efficiency. However, experimental tests for real-life implementations are limited. This review aims to provide the reader with an overview of recent theoretical and experimental studies.