In contemporary power electronics, multilevel converters stand at the forefront of high-power, high-voltage applications, offering superior performance in terms of efficiency, reduced harmonics, and improved voltage waveform quality compared to traditional two-level converters. Their capability to synthesize waveforms with multiple voltage levels has garnered significant attention across various industrial sectors, including renewable energy systems, electric vehicles, and high-voltage power transmissions. This paper provides a comprehensive overview of multilevel converter technology, encompassing their classification, main topologies, recent advancements, and emerging trends. By exploring the evolution of multilevel converter technology and identifying future research directions, researchers and engineers can gain valuable insights into the design, optimization, and application of these advanced power electronic systems.