Multilevel Inverters (MLIs) are becoming more and more popular in medium and high power applications. This is due to several inherent advantages of MLI over two-level inverters such as high-quality output, lower device ratings, and several others. While the classical topologies are still having applications in most of the key areas, there is a growing interest in newer multilevel topologies with an objective of reducing power semiconductor device count, gate drivers and/or isolated DC sources. In this paper, a comprehensive review of some of the recently proposed newer multilevel inverter topologies with the abovementioned objectives is presented. In this article, a detailed investigation in terms of total power semiconductor switch count, number of DC sources, passive component requirement, highest switch voltage rating, total standing voltage etc. has been presented.