The ongoing energy transition has changed the architecture of electricity networks in ways that conventional power transformers are not able to cope with the new required functionalities. For this purpose, the solid state transformer (SST), which comprises state of the art power electronics with galvanic isolation to interconnect two separate alternating current (AC) or direct current (DC) power grids, is considered to be the dominant solution. The purpose of this paper is to provide a practical, application-oriented review of the SST. In this context, the main functionalities and possible applications of the SST are presented, including smart grids (SGs), data centres, railways, offshore wind farms, etc. Furthermore, the main developed SST prototypes are analysed with special focus on the related projects, demonstrators, stakeholders and rated values, e.g., voltage, switching frequency and power. The analysis is concluded with the future trends and challenges regarding the wider implementation of SST technology in the electrical grid.