This paper provides a detailed review of maglev (magnetic levitation) trains, explaining the technology and underlying principles behind it. It also covers the history of this evolving mode of transport. Moreover, it addresses and analyzes the advantages and challenges of maglev trains compared to the traditional rail system: technical, infrastructural, and economic factors have been taken into consideration. Further, it explores the potential improvements to the technology to make it more efficient and cost-effective. The paper will focus slightly more on the Japanese maglev trains as they are the most developed. This paper aims to become a one-place resource for readers to gain knowledge about maglev trains. The author was motivated by the fact that this field, despite being so heavily researched, has a lack of research papers or articles published for readers and inquirers to easily learn about the whole concept; the majority of papers found were published in the early 2000s. Therefore, this paper also intends to include the latest advancements. It is an overview, written after going through multiple past research papers, websites, informative videos and videos of interviews from reliable and credible sources.