Today, conventional power systems are evolving to modern smart grids, where interconnected microgrids may dominate the distribution system with high penetration of renewable energy and energy storage systems. The hybrid ac/dc systems with dc and ac sources/loads are considered to be the most possible future distribution or even transmission structures. For such hybrid ac/dc microgrids, power management strategies are one of the most critical operation aspects. This paper presents an overview of power management strategies for a hybrid ac/dc microgrid system, which includes different system structures (ac-coupled, dc-coupled, and ac-dc-coupled hybrid microgrids), different operation modes, a thorough study of various power management and control schemes in both steady state and transient conditions, and examples of power management and control strategies. Finally, discussion and recommendations of power management strategies for the further research are presented.