Being an unconventional technique of additive micro-manufacturing, electroforming has garnered significant interest by various industrial sectors because of its capability to offer advanced micro-manufacturing competences with high precision in achieving dimensional uniformity and replication accuracy at small scale. This paper reports a comprehensive review of the electroforming process as a microsystem fabrication technique. This process is superior compared to 3D printing, stereolithography, selective laser sintering, and fused deposition modeling etc., in many aspects due to its unique properties. It can deposit a wide variety of metals and alloys, including precious metals, making it appropriate for variegated applications in microfabrication domain. We cover the fundamental aspects of electroforming and its history followed by the current state of the art advancement, modelling associated with it, and its importance from industrial context. Additionally, we discuss the advantages and limitations of this technique and their respective microsystems applications. Finally, we conclude with a discussion on the future prospects and potential advancements in the field of electroforming contributing to micro-systems development.