Gallium nitride (GaN) power transistors have attracted significant interest in the power electronics industry over the past decade as the next-generation power semiconductor devices. GaN power transistors are suitable for high power and high frequency applications due to their higher electron mobility, temperature tolerance, electrical conductivity, critical breakdown electric field, and breakdown voltage compared to the conventional silicon-based transistors and other wide bandgap (WBG) power transistors. In particular, GaN-on-silicon (GaN-on-Si) technology has opened up the possibility of manufacturing high-performance, low-cost WBG power devices in silicon-compatible fabrication facilities. The first GaN power transistor structure to be developed was the normally-ON depletion mode (D-mode) device. It relies on the highly mobile two-dimension electron gas (2DEG) at the GaN/AlGaN epitaxial layers' interface to provide very low on-resistance. The normally-OFF enhancement mode (E-mode) GaN power transistor soon became available by controlling the 2DEG using various gate structures. This paper provides a review of the developments of GaN power transistors followed by a survey on current state-of-the-art GaN power technologies and applications, including comparisons between GaN growth substrates and developments of enhancement mode (E-mode) device structures and their process techniques. Moreover, developments of power module designs are also addressed, including gate driver designs and their requirements, and packaging techniques for power transistors and power modules.