Hydrogen is the most efficient energy carrier. Hydrogen can be obtained from different sources of raw materials including water. Among many hydrogen production methods, eco-friendly and high purity of hydrogen can be obtained by water electrolysis. However, In terms of sustainability and environmental impact, PEM water electrolysis was considered as most promising techniques for high pure efficient hydrogen production from renewable energy sources and emits only oxygen as byproduct without any carbon emissions. Moreover, the produced hydrogen (H2) and oxygen (O2) directly used for fuel cell and industrial applications. However, overall water splitting resulting in only 4% of global industrial hydrogen being produced by electrolysis of water, mainly due to the economic issues. Nowadays, increased the desire production of green hydrogen has increased the interest on PEM water electrolysis. Thus the considerable research has been completed recently in the development of cost effective electrocatalysts for PEM water electrolysis. In this present review, we discussed about the recent developments in the PEM water electrolysis including high performance low cost HER and OER electrocatalysts and their challenges new and old related to electrocatalysts and PEM cell components also addressed. This review will contribute further research improvements and a road map in order to support in developing the PEM water electrolyser as a commercially feasible hydrogen production purpose. Keywords: Hydrogen production, PEM water electrolysis, Electrocatalysts, Hydrogen evolution reaction (HER), Oxygen evolution reaction (OER)