Multilevel converters (MLC) have emerged as standard power electronic converters in high power as well as quality demanding applications. They are classified into current-fed MLC and voltage-fed MLC. Voltage-fed MLC has widely researched whereas the current-fed MLC are the recent topic of research. Based on the principle of duality between voltage and current sources, several current-fed MLCs analogous to voltage-fed MLCs have been identified. Current-fed MLC offer several advantages in terms of high power capability, transformer-less operation, short circuit protection and excellent quality of output current waveform. The goal of this paper is (1) to present review of circuit topologies, modulation schemes and applications of current-fed MLCs and, (2) to propose an emerging low device switching frequency modulation technique known as synchronous optimal pulsewidth modulation for current-fed MLCs. The circuit configuration and advantages of each topology along with various modulation techniques are discussed in detail. Compared to voltage-fed MLCs, the operation of current-fed MLCs need to satisfy additional switching constraints. Classical methods for realization these operational constraints are surveyed and new generic method has been proposed. Finally future scope of research has been presented to encourage further development of topologies and modulation techniques for current-fed MLCs.