The need for precision positioning applications has enormously influenced the research and development towards the growth of precision actuators. Over the years, piezoelectric actuators have significantly satisfied the requirement of precision positioning to a greater extent with the capability of broad working stroke, high-accuracy, and resolution (micro/nano range) coupled with the advantage of faster response, higher stiffness, and actuation force. The present review intends to bring out the latest advancement in the field of piezoelectric actuator technology. This review brings out the specifics associated with the development of materials/actuators, the working principles with different actuation modes, and classifications of the piezoelectric actuators and their applications. The present article throws light on the design, geometrical features, and the performance parameters of various piezoelectric actuators right from unimorph, bimorph, and multilayer to the large displacement range actuators such as amplified actuators, stepping actuators with relevant schematic representations and the quantitative data. A comparative study has been presented to evaluate the pros and cons of different piezoelectric actuators along with quantitative graphical comparisons. An attempt is also made to highlight the application domains, commercial and future prospects of technology development towards piezoelectric actuators for precision motion applications. The organization of the paper also assists in understanding the piezoelectric materials applicable to precision actuators. Furthermore, this paper is of great assistance for determining the appropriate design, application domains and future directions of piezoelectric actuator technology.