The dealcoholization technique has gained more attention in the wine industry as it can significantly influence wine compositions and quality beyond alcohol level reduction. However, the changes occurring in the various processes of dealcoholization are not fully understood yet. This work summarizes the literature published in the last 10 years (2013–2023) about changes in color, sulfur dioxide (SO2), phenolic composition, losses of desirable volatile aroma compounds, and sensory characteristics of wine after the removal of ethanol by different processes/techniques. Several factors can influence the final characteristics of wine during the process, including physico-chemical parameters such as the initial alcohol level, the retention properties of the wine non-volatile matrix, and the characteristics of aroma components. Additionally, the quality of dealcoholized wine can be affected by the choice of dealcoholization techniques, distillation temperature, operating pressure, and membrane properties, including filtration and pore size. Low- and zero-alcohol products have the potential to expand the market and cater to diverse consumer segments. This comprehensive review would help winemakers in choosing the best techniques to produce dealcoholized wine, limiting the adverse effects, and meeting the needs of consumers.