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Recently multilevel inverters (MLI) have attracted more attention in research and industry, as they are changing into a viable technology for several applications. The concept of MLI was introduced for high power and high/medium voltage applications as they can provide an effective interface with renewable energy sources. Developing of reduced switch MLI topology has been a rapid research topic since the past decade, which has not been reviewed so far. Therefore, this review article focuses on the different reduced switch MLI topologies under three categories such as symmetric, asymmetric and hybrid configurations. The important knowledge on these topologies is carefully tabulated based on the three categories in the comparison tables to understand the essential parameters of the MLI topologies. These configurations are not only generating higher voltage levels to improve the power quality but also to reduce the passive filter requirements. Also, this review includes a detailed perspective of various modulation techniques and control strategies for MLI topologies. In addition to that, the different performance parameters of MLI and its calculation methods are discussed with appropriate mathematical expression. This review will help in the selection of appropriate MLI topology for FACTS, motor drives and renewable applications. [ABSTRACT FROM AUTHOR]