Ultra-high bandwidth, negligible latency and seamless communication are envisioned as milestones that will revolutionize the way by which societies create, distribute and consume information. The remarkable expansion of wireless data traffic has advocated the investigation of suitable regimes in the radio spectrum to satisfy users’ escalating requirements and allow the exploitation of massive capacity and massive connectivity. To this end, the Terahertz (THz) frequency band (0.1-10 THz) has received noticeable attention in the research community as an ideal choice for scenarios involving high-speed transmission. As such, in this work, we present an up-to-date review paper to analyze key concepts associated with the THz system architecture. THz generation methods are first addressed by highlighting the recent progress in the devices technology. Moreover, the recently proposed channel models available for propagation at THz band frequencies are introduced. A comprehensive comparison is then presented between the THz wireless communication and its other contenders. In addition, several applications of THz communication are discussed taking into account various scales. Further, we highlight the milestones achieved regarding THz standardization activities. Finally, a future outlook is provided by presenting and envisaging several potential use cases and attempts to guide the deployment of the THz frequency band.