Single-stage energy converters, in particular, the Z-Source Inverter (ZSI) or impedance source inverter, has gained significant attention in the recent years. ZSI ensures flexible energy conversions (dc–dc, dc–ac, ac–ac and ac–dc) because of its unique ability to boost the output voltage in typical renewable energy systems. The impedance network integrated between the energy source and the load contributes to the unique functionality of the ZSI. As substantial research has been conducted on the ZSI, this article provides a review on the operation of ZSI. The article initially examines the various topologies commonly adopted for the application of the ZSI. Subsequently, details of the various modulation methods that are commonly used to obtain the voltage boosting using ZSI are documented. Additionally, the phenomenon of neutral point formation, which is an important impediment to the adoption of multilevel ZSIs and the limitation of the modulation methods, is explained.