The development of a versatile, fully-capable humanoid robot as envisioned in science fiction books is one of the most challenging but interesting issues in the robotic field. Currently, existing humanoid robots are designed with different purposes and applications in mind. In humanoid robot development process, each robot is designed with various characteristics, abilities, and equipment, which influence the general structure, cost, and difficulty of development. Even though humanoid robot development is very popular, a few review papers are focusing on the design and development process of humanoid robots. Motivated by this, we present this review paper to show variations in the requirements, design, and development process and also propose a taxonomy of existing humanoid robots. It aims at demonstrating a general perspective of existing humanoid robots’ characteristics and applications. This paper includes state-of-the-art and successfully reported existing humanoid robot designs along with different robots used in various robot competitions.