The use of green hydrogen as a high-energy fuel of the future may be an opportunity to balance the unstable energy system, which still remains renewable energy sources. This work is a comprehensive review of recent advancements in green hydrogen production. The review outlines the current energy consumption trends. It presents the tasks and challenges of the Hydrogen Economy towards green hydrogen, including production, purification, transmission, storage, and conversion into electricity. This work discusses the main types of water electrolyzers: alkaline electrolyzers, proton exchange membrane electrolyzers, solid oxide electrolyzers, and anion exchange membrane electrolyzers. Despite the higher production costs of green hydrogen compared to grey hydrogen, the review suggests that as renewable energy technologies become cheaper and more efficient, the cost of green hydrogen is expected to decrease. The review highlights the need for cost-effective and efficient electrode materials for large-scale applications. It concludes by comparing the operating parameters and cost considerations of the different electrolyzer technologies. It sets targets for 2050 to improve the efficiency, durability, and scalability of electrolyzers. The review underscores the importance of ongoing research and development to address the limitations of current electrolyzer technology and to make green hydrogen production more competitive with fossil fuels.