Model-based predictive control (MPC) describes a set of advanced control methods, which make use of a process model to predict the future behavior of the controlled system. By solving a—potentially constrained—optimization problem, MPC determines the control law implicitly. This shifts the effort for the design of a controller towards modeling of the to-be-controlled process. Since such models are available in many fields of engineering, the initial hurdle for applying control is deceased with MPC. Its implicit formulation maintains the physical understanding of the system parameters facilitating the tuning of the controller. Model-based predictive control (MPC) can even control systems, which cannot be controlled by conventional feedback controllers. With most of the theory laid out, it is time for a concise summary of it and an application-driven survey. This review article should serve as such. While in the beginnings of MPC, several widely noticed review paper have been published, a comprehensive overview on the latest developments, and on applications, is missing today. This article reviews the current state of the art including theory, historic evolution, and practical considerations to create intuitive understanding. We lay special attention on applications in order to demonstrate what is already possible today. Furthermore, we provide detailed discussion on implantation details in general and strategies to cope with the computational burden—still a major factor in the design of MPC. Besides key methods in the development of MPC, this review points to the future trends emphasizing why they are the next logical steps in MPC.