Abstract This paper provides a literature review of the research work done on floating offshore wind turbines, while discussing their technical, economic and environmental aspects. Through this study, research work in this technology is reviewed and future work recommendations are suggested. Centuries before, wind energy paved our way into the vast oceans. Its efficient utilization in the form of sails, helped us conquer the oceans with ships. Unfortunately, wind energy lost its charm in the oil era. But now as we realign our priorities for a greener future, wind energy is yet again turning out to be a reliable energy source. It can be our tool to shift to a cleaner energy supply and realize global renewable energy targets. To make the fossil-to-wind transition possible, the innovative concept of floating offshore wind energy is providing a sophisticated mechanism to harness the wind energy exponentially and will definitely help the mankind to reinforce a sustainable grip on the oceans once again. Floating wind turbines present an economical and technically feasible approach to access the deeper water sites to obtain the rich resource of wind power. Therefore, they have the potential to be the next generation of wind technology. With the installed floating wind power capacity to increase to 250 GW by 2050 (DNV GL Report- Floating Wind: The Power to Commercialize, 2020)[23], it is safe to say, the future is floating.