Geomagnetically induced current (GIC) has been a significant concern for the electrical power grid in high latitudes for decades. Its origin starts in the Sun; during extreme space weather, the magnetic field of the Earth varies rapidly. This variation induces electric fields at the Earth's surface and leads to GICs in manmade technologies. Power systems are the most affected by this induced current, which causes halfcycle saturation of power transformers and other issues. Understanding the behaviours and chain effects of this phenomenon is the key consideration in modelling the hazards to technological systems from space weather. In this paper, a comprehensive review of space weather, geomagnetic disturbances (GMDs) and GICs and their impacts on the power systems in both high and mid-low latitude regions is presented. Additionally, we highlight the most commonly used methods to model and calculate geoelectric fields at the Earth's surface and GIC in the power systems with respect to DC and AC analysis. In addition, we have classified the GIC effects on the different power system components. Moreover, the possible solutions and mitigation techniques to eliminate or reduce these effects based on different GIC blocking devices are reviewed in this work. This work provides researchers and power system operators a shortcut road path to understanding GIC phenomena, modelling and calculations, effects, and mitigation of these effects.