The issue of renewable energy is becoming significant due to increasing power demand, instability of the rising oil prices and environmental problems. Among the various renewable energy sources, fuel cell is gaining more popularity due to their higher efficiency, cleanliness and cost-effective supply of power demanded by the consumers. This paper presents a comprehensive review of different fuel cell technologies with their working principle, advantages, disadvantages and suitability of applications for residential/grid-connected system, transportation, industries and commercial applications. Development of mathematical model of fuel cell required for simulation study is discussed. This paper also focuses on the necessity of a suitable power-conditioning unit required to interface the fuel cell system with standalone/grid applications.