Nowadays, magnetically controlled shunt reactors (MCSRs) have been widely used to solve the problems of the power quality. MCSR can simplify the system reactive power and voltage control in the super/special high-voltage power grid, suppress power frequency and operation over voltage, eliminating generator self excitation, dynamically compensate charging the power in a transmission line, suppress the secondary arc current, damping system resonance and so on. This paper presents a comprehensive review of MCSR control strategies. It is aimed at providing a broad perspective on the status of MCSR technology to the researchers and the application engineers dealing with power quality issues. A list of more than 50 research publications on the subject is also appended for a quick reference.