The Unitized Regenerative Fuel Cell (URFC) technology is gaining attention for its potential in energy storage and power generation across various sectors including the green hydrogen industry, transportation, and space exploration. Studies are focused on enhancing the efficiency of URFC by investigating bi-functional catalysts like noble metal-based combinations and noble metal-free electrocatalysts. Efficient mode switching between electrolysis cell (EC) and fuel cell (FC) configurations is crucial, with research emphasizing constant gas (CG) and constant electrode (CE) setups. Special attention is given to water management during mode transitions to prevent operational issues. Purging strategies during mode switching are being optimized to ensure stable FC startup, with various approaches proposed for better performance. Research efforts are aimed at improving the overall efficiency and user experience of URFC technology.