Optical correlators are efficient optical systems that have gained a wide range of applications both in image recognition and encryption, due to their special properties that benefit from the optoelectronic setup instead of an all-electronic one. This paper presents, to the best of our knowledge, the most extensive review of optical correlators to date. The main types are overviewed, together with their most frequent applications in the newest contributions, ranging from security uses in cryptosystems, to medical and space applications, femtosecond pulse detection and various other image recognition proposals. The paper also includes a comparison between various optical correlators developed recently, highlighting their advantages and weaknesses, to gain a better perspective towards finding the best solutions in any specific domain where these devices might prove highly efficient and useful.