Over the years, multi-level inverter (MLI) usage has increased widely for several applications like motor drives, renewable energy source- (RES-) fed grids, and electric vehicles (EVs). In recent scenarios, the development of RES, grids, and EVs is in advanced mode, and this became the reason for innovations in recent MLI topologies. The new topologies have more advantages, unique features, and abilities to meet the advanced requirements. Therefore, these new topologies are preferable for recent applications. In this paper, a detailed review of recent MLI topologies, controllers, and PWM techniques is done by considering some physical aspects as well as some performance aspects. Also, the particular focus is on the MLI topologies, controllers, and PWM techniques for photovoltaic (PV) system-fed grids and microgrids to provide details for selecting the suitable MLI topology and PWM technique for PV systems. The detailed analysis of each topology is discussed for categorizing specific applications along with futuristic expansion aspects. The future research scope on MLI topologies for PV systems is summarized with appropriate comprehensive comparisons along with their unique features over other topologies. Also, the advanced controllers and PWM techniques are also discussed with advantages and their wide range of controlling abilities.