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This paper provides an extensive review of the conducted research regarding various microgrids (MGs) control techniques and the impact of Information Communication Technology (ICT) degradation on MGs performance and control. Additionally, this paper sheds the light on the research gaps and challenges that are to be explored regarding ICT intrinsic-limitations impact on MGs operations and enhancing MGs control. Based on this assessment, it offers future prospects regarding the impact of ICT latencies on MGs and, consequently, on the smart grid. Finally, this paper introduces a case study to show the significance and examine the effect of wireless communication technologies latency on the converters and the DC bus voltage of a centralized controlled DC MG. A DC microgrid with its communication-based control scheme was modeled to achieve this goal. The MATLAB simulation results show that the latency impact may be severe on the converter switches and the DC bus voltage. Additionally, the results show that the latency impact varies depending on the design of the MG and its operational conditions before the latency occurs.