Microgrid, because of its advantages over conventional utility grids, is a prudent approach to implement renewable resource-based electricity generation. Despite its advantages, microgrid has to operate with a significant proportion of constant power loads that exhibit negative incremental impedance and thus cause serious instability in the system. In this paper, a comprehensive review is presented on accomplished research work on stabilization of dc and ac microgrid. After reviewing these, microgrid system stabilization techniques are classified with required discussions. As found out in this paper, the stabilization techniques can basically be classified as compensation done: 1) at feeder side; 2) by adding intermediate circuitry; and 3) at load side. Finally, after analyzing the merits and drawbacks of each generalized technique, several infographics are presented to highlight the key findings of this paper.