MEMS-based oscillators are an emerging class of highly miniaturized, batch manufacturable timing devices that can rival the electrical performance of well-established quartz-based oscillators. In this review, a description is given of the key properties of a MEMS resonator that determine the overall performance of a MEMS oscillator. Piezoelectric, capacitive and active resonator transduction methods are compared and their impact on oscillator noise and power dissipation is explained. An overview is given of the performance of MEMS resonators and MEMS-based oscillators that have been demonstrated to date. Mechanisms that affect the frequency stability of the resonator, such as temperature-induced frequency drift, are explained and an overview is given of methods that have been demonstrated to improve the frequency stability. The aforementioned performance indicators of MEMS-based oscillators are benchmarked against established quartz and CMOS technologies.