To mitigate the fast-growing demand of electrical energy, the use of renewable energy resources, e.g., solar and wind, can offer an environmentally friendly and sustainable solution. Due to their intermittent nature, the grid connected operation of renewable energy resources provides a better performance compared to the standalone operation. However, the massive penetration of power electronic inverter/converter-interfaced renewable resources in power systems introduces new issues, such as voltage and frequency instabilities, because of their inherent low inertia properties. As a consequence, these issues may lead to serious problems, such as system blackouts. Therefore, there is an immediate demand to solve these new issues and ensure the normal performance of the power system with the large penetration of renewable energy resources. To achieve this, grid connected inverters/converters are designed to address these problems and behave as synchronous generators, which is possible with grid forming (GFM) inverters/converters concepts. This paper reviews the recent advancement of GFM converters for solving emerging issues related to the renewable rich power grids. It also provides a comprehensive review on frequency deviations and power system stability issues in low-inertia systems and recent advancements in control methods for harmonic mitigation. It is expected that this paper will help the research community to enhance the technology further to solve the challenges in renewable rich power grids.