Historically, the development and design of distribution systems (DSs) and microgrids (MGs) were based primarily on alternating current (AC) as a traditional approach due to many advantages such as eliminating the need for synchronization, as well as the ease of integrating distributed energy resources (DERs). Recently, given the democratization of DER through local installations of renewable energy systems and appliances using power electronics, direct current microgrids (DC‐MGs) are gaining more and more momentum. In order to enable durable and economically viable use by integrating DC and AC DERs into microgrids, hybrid AC/DC microgrids (HMGs‐AC/DC) present one of the most promising approaches in eliminating the need for AC‐DC or DC‐AC conversions. The improvement of energy efficiency, protection, management, and control of this kind of systems are relevant research topics. This article provides an overview of theoretical works and industrial applications of hybrid AC/DC microgrids/distribution systems. In addition, an efficiency/energy‐losses study of different literature‐based works is discussed. Accordingly, a critical analysis is provided, and research perspectives related to this subject are outlined. This review article can be considered as a guide for future research on the efficiency and energy losses of hybrid AC/DC distribution systems/microgrids.