A comprehensive overview is given of the recent developments of thermoplastic vulcanizates (TPVs) with special reference to the technological advancements. TPVs combine the high volume molding capability of thermoplastics with the elastomeric properties of thermoset rubber. Therefore, they lend themselves to a broad range of applications in various fields. TPVs represent the second largest group of soft thermoplastic elastomers, after styrenic-based block copolymers. TPVs have undergone evolutionary changes in terms of the selection of polymers, design of crosslinking, compounding techniques, and methods of production, and have achieved better elastic recovery, easy processability and low hardness etc.