This paper reviews the recent developments of micro-electromechanical system (MEMS) based electrostatically actuated tunable capacitors. MEMS based tunable capacitors (MBTCs) are important building blocks in advanced radio frequency communication systems and portable electronics. This is due to their excellent performance compared to solid state counterpart. Different designs, tuning mechanisms, and performance parameters of MBTCs are discussed, compared, and summarized. Several quantitative comparisons in terms of tuning range, quality factor (Q factor), and electrodes configurations are presented, which provide deep insight into different design studies, assists in selecting designs, and layouts that best suit various applications. We also highlight recent modern applications of tunable capacitors, such as mobile handsets, internet of things, communication sensors, and 5G antennas. Finally, the paper discusses different design approaches and proposes guidelines for performance improvement.