The variational quantum eigensolver (or VQE), first developed by Peruzzo et al. (2014), has received significant attention from the research community in recent years. It uses the variational principle to compute the ground state energy of a Hamiltonian, a problem that is central to quantum chemistry and condensed matter physics. Conventional computing methods are constrained in their accuracy due to the computational limits facing exact modeling of the exponentially growing electronic wavefunction for these many-electron systems. The VQE may be used to model these complex wavefunctions in polynomial time, making it one of the most promising near-term applications for quantum computing. One important advantage is that variational algorithms have been shown to present some degree of resilience to the noise in the quantum hardware. Finding a path to navigate the relevant literature has rapidly become an overwhelming task, with many methods promising to improve different parts of the algorithm, but without clear descriptions of how the diverse parts fit together. The potential practical advantages of the algorithm are also widely discussed in the literature, but with varying conclusions. Despite strong theoretical underpinnings suggesting excellent scaling of individual VQE components, studies have pointed out that their various pre-factors could be too large to reach a quantum computing advantage over conventional methods. This review aims at disentangling the relevant literature to provide a comprehensive overview of the progress that has been made on the different parts of the algorithm, and to discuss future areas of research that are fundamental for the VQE to deliver on its promises. All the different components of the algorithm are reviewed in detail. These include the representation of Hamiltonians and wavefunctions on a quantum computer, the optimization process to find ground state energies, the post processing mitigation of quantum errors, and suggested best practices. We identify four main areas of futur...