Renewable generation and energy storage systems are technologies which evoke the future energy paradigm. While these technologies have reached their technological maturity, the way they are integrated and operated in the future smart grids still presents several challenges. Microgrids appear as a key technology to pave the path towards the integration and optimized operation in smart grids. However, the optimization of microgrids considered as a set of subsystems introduces a high degree of complexity in the associated control problem. Model Predictive Control (MPC) is a control methodology which has been satisfactorily applied to solve complex control problems in the industry and also currently it is widely researched and adopted in the research community. This paper reviews the application of MPC to microgrids from the point of view of their main functionalities, describing the design methodology and the main current advances. Finally, challenges and future perspectives of MPC and its applications in microgrids are described and summarized.