Solid-state transfer switch (SSTS) becomes the most crucial technology for electric power transmission, distribution and control system. SSTS is useful in supplying the power to sensitive loads uninterruptedly and critical loads economically and efficiently. However, a few concerns could hamper the effectiveness of SSTS including voltage swell, sag, inappropriate structure, poor power factor and inefficient control methods. Hence, this paper comprehensively surveys the diverse SSTS topologies, applications, operations, issues, and future directions. The SSTS configuration, design, control system, benefits and shortcomings are discussed rigorously. A detailed comparative analysis of various SSTS are carried out concerning topologies, control operations and applications. In line with that, the different control models and schemes are narrated briefly. This paper also highlights existing challenges and issues before providing a few important future prospects to enhance the configuration and efficiency of SSTS. All the key information obtained from this review would be beneficial to the researchers and power system engineers to develop an advanced and efficient SSTS toward future performance enhancement.