Interest in water mist fire suppression has increased within the fire protection industry due to its ability to control the spread and development of fire without using environmentally damaging agents. Water mist fire suppression has been used for many years in various applications such as machinery spaces, combustion turbine enclosures, and onboard passenger sea vessels. Now there is a demand to use this firefighting method to protect other fire risks such as cooking areas, commercial buildings, residential buildings, electrical equipment, road tunnels, bushfire (wildland fire) protection, and nuclear power generation facilities. To support this industry demand, this review covers the fundamentals of water mist, its suppression mechanisms, areas of application, existing research and development, and the codes and standards related to design. This comprehensive review provides a clear history of water mist suppression. It is able to identify the issues and challenges related to the technology to help pave the way for future research and development that will improve these systems to a level so that they are suitable for these new applications and meet the industry demand for nontoxic fire suppression systems.