This paper presents a comprehensive literature survey of MEMS based piezoelectric microphones along with the fabrication processes involved, application domains, and methodologies used for experimentations. Advantages and limitations of existing microphones are presented with the impact of process parameters during the thin film growth. This review identifies the issues faced by the microphone technologies spanning from the invention of microphones to the most recent state-of-the-art solutions implemented to overcome or address them. A detailed comparison of performance in terms of sensitivity and dynamic range is presented here that can be used to decide the piezoelectric material and process to be used to develop sensors based on the bandwidth requirement. Electrical and mechanical properties of different piezoelectric materials such as AlN, ZnO, quartz, PZT, PVDF, and other polymers that has great potential to be used as the sensing membrane in development and deployment of these microphones are presented along with the complications faced during the fabrication. Insights on the future of these sensors and emerging application domains are also discussed.