The emerging of Direct Current (DC) technologies offers a great opportunity for modernizing and developing of DC power distribution systems, including DC microgrids. When compared with the classical AC systems, the DC networks are considered more efficient, eliminating the reactive power and frequency control and synchronization problems. Despite the numerous review papers published on Low Voltage DC microgrid, not any has given sufficient emphasis on Medium Voltage (MV) DC microgrid. This review paper discusses the key opportunities associated with the deployment and utilization of MVDC microgrids and advanced DC technologies. Additionally, it examines the potential for integrating renewable energy sources and battery energy storage systems within MVDC microgrids, promoting sustainable and resilient energy solutions. However, the implementation of MVDC microgrids also presents several challenges, such as standardization and regulatory issues, high initial costs, technical complexity, grid integration difficulties, maintenance, power quality issues, and safety risks. This review paper will help readers to understand the present state of development on MVDC microgrid.