The rapid depletion of conventional fossil fuel reserves and the escalating concerns regarding climate change and greenhouse gas (GHG) emissions have accelerated the global transition towards renewable energy sources. Hybrid Renewable Energy Systems (HRES) — which integrate two or more complementary renewable energy technologies such as solar photovoltaic (PV), wind turbines, biomass, small-scale hydropower, and fuel cells — have emerged as a promising solution for achieving reliable, cost-effective, and sustainable power generation. This paper presents a comprehensive review of HRES configurations, energy storage technologies, optimization methodologies, control strategies, and performance metrics published between 2010 and 2025. A systematic analysis of 90+ peer-reviewed articles reveals that solar-wind hybrid systems with battery energy storage and advanced Maximum Power Point Tracking (MPPT) controllers achieve system efficiencies of 88–95%, with a Levelized Cost of Energy (LCOE) competitive with conventional grid power in many regions of India and globally. The review identifies key technical challenges including energy intermittency, grid integration complexity, power quality issues, and high initial capital costs, and discusses emerging solutions such as AI-based energy management systems, Internet of Things (IoT) monitoring, supercapacitor hybridization, and demand-side management. Future research directions and policy recommendations for scaling HRES deployment in the Indian context are also presented.