Power quality (PQ) is a key issue, particularly for technologically advanced process equipment, whose performance mainly depends on the quality of supply. Problems with PQ such as voltage swells/sags, interruptions, and harmonics are defined by any voltage, current, or frequency abnormalities causing damage or failure of the end-user equipment. Outages and interruptions lead to malfunctioning of end-user equipment or sensitive loads, such as diagnostic equipment in healthcare facilities, clinics, educational institutions, and detention centers, while further increasing significant economic losses. Custom power devices (CPDs) are recommended for enhancing power quality, and the best and most economical solution is considered to be the dynamic voltage restorer (DVR). Several methods are suggested to improve the PQ by using the dynamic voltage restorer; among them, most encouraging ways are to use a multilevel inverter (MLI) in the dynamic voltage restorer. This article combines the latest work of the literature, as well as a detailed discussion on PQ issues of the grid-integrated renewable energy sources (RESs), DVR principle with its operating procedures, system components, energy storage-based DVR topologies, DVR control unit, and DVR power converter-based topologies. In addition, synthesis of energy storage, control strategies, and multilevel inverters for DVR. This review benefits those interested in investigating DVR as a relevant and comprehensive reference.