Power electronic converters play a vital role in modern power systems. To meet the surging demand for more efficient and compact devices for these applications, high frequency and high efficiency have become two main areas of development in power electronics. Increasing switching frequency in power electronics allows for a significant size reduction in passive components, thus enhancing the power density and reducing overall system size. However, high-frequency operation also causes higher switching losses and poses several design and efficiency challenges. These are further compounded by constraints arising from the harsh operating environment, which dictates the need to pursue new and better materials and circuit approaches to maximize converter efficiency. This study has explored the application of latest wide-bandgap semiconductor materials, including gallium nitride (GaN) and silicon carbide (SiC), as well as ultra-wide-bandgap semiconductor materials such as Ga2O3 and AlN. They present new opportunities for the development of high-frequency and high-efficiency power electronic converters that significantly allow for higher frequency operation, reducing most of the switching losses to achieve overall efficiency. Additionally, vital advancements in soft-switching techniques such as zero-voltage switching (ZVS) and zero-current switching (ZCS), also the development of new circuit topologies like LLC and DAB converters, are evaluated. Further, various gate driver designs, and their comparison are considered key strategies toward minimal energy losses at high frequencies. The review is based on a novel perspective of the bottlenecks left unchallenged so far in power conversion systems, considering some critical technological deficiencies and showing pathways to more efficient, compact, and reliable future solutions.