The increasing need for miniaturization, reliability, and cost efficiency in modern telecommunications has boosted the idea of system-on-chip integration, incorporating the RF front-end circuitry and the passive elements such as RF transmission lines, inductors, antennas, and filters. However, the performance of the passive elements of these circuits is highly degraded when integrated on standard CMOS Si, due to its low resistivity. Porous silicon (PSi) has emerged as a promising local substrate material for the on-chip monolithic integration of high performance passive RF and mm-wave devices, because it combines high resistivity and low permittivity along with CMOS compatibility. This review paper aims at summarizing the obtained results so far in the above area, including transmission lines, inductors, filters, and miniaturized antennas, monolithically integrated on porous Si in a CMOS-compatible environment. In this respect, we first present the requirements for a low-loss, CMOS-compatible RF substrates and we then argue on how PSi fulfills the set requirements. Then, we present the methods used so far to extract the dielectric properties of PSi, which are necessary inputs for designing RF devices. The performance of different passive RF devices such as coplanar waveguides, inductors, filters, and antennas on the local porous Si substrate is then reviewed and compared with the performance of other state-of-the-art RF passive devices based on different technologies. Finally, we discuss the progress made so far towards the industrialization of PSi local RF substrate technology and the challenges that are currently faced towards this objective.