Uninterruptible Power Supplies (UPS) have reached a mature level by providing clean and uninterruptible power to the sensitive loads in all grid conditions. Generally UPS system provides regulated sinusoidal output voltage, with low total harmonics distortion (THD), and high input power factor irrespective of the changes in the grid voltage. This paper provides comprehensive review of UPS topologies, circuit configurations, and different control techniques used in the UPS system. A comparison based on the performance, size, cost, and efficiency of the system is presented. Different hybrid energy source UPS system and new generation UPS system for smart grid and micro-grid has been explained. Finally the paper describes performance evaluation of UPS system and explains different aspects that are to be considered for choosing a suitable UPS system by the user.