AbstractThe increasing integration of inverter based resources (IBR) in the power system has a significant multi‐faceted impact on the power system operation and stability. Various control approaches are proposed for IBRs, broadly categorized into grid‐following and grid‐forming (GFM) control strategies. While the GFL has been in operation for some time, the relatively new GFMs are rarely deployed in the IBRs. This article aims to provide an understanding of the working principles and distinguish between these two control strategies. A survey of the recent GFM control approaches is also delivered here, expanding the existing classification. It also explores the role of GFM control and its types in power system dynamics and stability like voltage, frequency etc. Practical insight into these stabilities is provided using case studies, making this review article unique in its comprehensive approach. Lacking elsewhere, the GFMs' real‐world demonstrations and their applications in several IBRs like wind farms, photovoltaic power generation stations etc., are also analyzed. Finally, the research gaps are identified, and the prospect of GFM is presented based on the system needs, informed by GFM real‐world projects. This work is a potential road map for the GFM large‐scale deployment in the decarbonized IBR‐based bulk power system.