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Second-order ripples occur in the voltage and current during any DC–AC power conversion. These conversions occur in the voltage source inverters (VSIs), current source inverters (CSIs), and various single-stage inverters (SSIs) topologies. The second-order ripples lead to oscillating source node currents and DC bus voltages when there is an interconnection between the AC and DC microgrids or when an AC load is connected to the DC bus of the microgrid. Second-order ripples have various detrimental effects on the sources and the battery storage. In the storage battery, they lead to the depletion of electrodes. They also lead to stress in the converter or inverter components. This may lead to the failure of a component and hence affect the reliability of the system. Furthermore, the second-order ripple currents (SRCs) lead to ripple torque in wind turbines and lead to mechanical stress. SRCs cause a rise in the temperature of photovoltaic panels. An increase in the temperature of PV panels leads to a reduction in the power generated. Furthermore, the second-order voltage and current oscillations lead to a varying maximum power point in PV panels. Hence, the maximum power may not be extracted from it. To mitigate SRCs, oversizing of the components is needed. To improve the lifespan of the sources, storage, and converter components, the SRCs must be mitigated or kept within the desired limits. In the literature, different methodologies have been proposed to mitigate and regulate these second-order ripple components. This manuscript presents a comprehensive review of different effects of second-order ripples on different sources and the methodologies adopted to mitigate the ripples. Different active power decoupling methodologies, virtual impedance-based methodologies, pulse width modulation-based signal injection methodologies, and control methods adopted in distributed power generation methods for DC microgrids have been presented. The application of ripple control methods spans from single converters such as SSIs and VSIs to a network of interconnected converters. Furthermore, different challenges in the field of virtual impedance control and ripple mitigation in distributed power generation environments are discussed. This paper brings a review regarding control methodologies to mitigate and regulate second-order ripples in DC–AC conversions and microgrids.