The electrical power system (EPS) has been heavily stressed due to high load demand. It operates close to the total capacity limits, resulting in voltage instability that can lead to voltage collapse. In this regard, incorporating flexible alternating current transmission system (FACTS) devices and renewable energy sources (RESs) to obtain the optimum values of the generator voltage, reactive compensation, and transformer tab in optimal reactive power dispatch (ORPD) is essential in increasing the reliability and safety of the system. ORPD involves discrete and continuous variables, which are nonlinear, noncontinuous, non-convex, and complex problems. The objective functions of ORPD are reduction in active power loss (Ploss), voltage deviation, and voltage profile enhancement. This paper presents a recent advancement of the ORPD problem, mathematical formulation of the objectives function, and a summary of various metaheuristic optimization methods (single and hybrid) used to solve the ORPD problems. The hybrid method combines two or more methods to improve the demerits of one method to obtain a quality solution to a problem. This review covered incorporating FACTS devices and RESs used in solving the ORPD problem to reduce the active Ploss and improve the voltage profile in the EPS. The benefits of FACTS devices and RESs are also discussed. Also, various metaheuristic algorithms (single, modified, and hybrid) employed to solve the ORPD problem were discussed. The future direction for researchers in this field was provided to give insight into the applicability and performance. Overall, this research explores different techniques used in solving ORPD problems from the optimization point of view to incorporating RESs and FACTS devices to obtain quality solutions. Some existing methods do not guarantee an optimum solution, but incorporating RESs and FACTS devices will help attain the best solution to the problem for better power system operation to improve system reliability and voltage profile. Based on the review journal, it can be concluded that hybrid techniques offer efficient quality solutions to the ORPD problem.