Automatic generation control (AGC) is primarily responsible for ensuring the smooth and efficient operation of an electric power system. The main goal of AGC is to keep the operating frequency under prescribed limits and maintain the interchange power at the intended level. Therefore, an AGC system must be supplemented with modern and intelligent control techniques to provide adequate power supply. This paper provides a comprehensive overview of various AGC models in diverse configurations of the power system. Initially, the history of power system AGC models is explored and the basic operation of AGC in a multi-area interconnected power system is presented. An in-depth analysis of various control methods used to mitigate the AGC issues is provided. Application of fast-acting energy storage devices, high voltage direct current (HVDC) interconnections, and flexible AC transmission systems (FACTS) devices in the AGC systems are investigated. Furthermore, AGC systems employed in different renewable energy generation systems are overviewed and are summarized in tabulated form. AGC techniques in different configurations of microgrid and smart grid are also presented in detail. A thorough overview of various AGC issues in a deregulated power system is provided by considering the different contract scenarios. Moreover, AGC systems with an additional objective of economic dispatch is investigated and an overview of worldwide AGC practices is provided. Finally, the paper concludes with an emphasis on the prospective study in the field of AGC.