This review study presents a detailed overview of the configurations of the outdoor and indoor units of a multi-split variable refrigerant flow (VRF) system, and its operations, applications, marketing and cost. Besides, a detailed review about the experimental and numerical studies associated with the VRF systems is provided. The aim is to put together all the diversified information about the VRF systems in a single source. According to detailed review, it is observed that the compressor frequency and the electronic expansion valve opening should be controlled simultaneously for the control strategies, and it is concluded that VRF system not only consumes less energy than the common air conditioning systems such as variable air volume, fan-coil plus fresh air under the same conditions, but also provides better indoor thermal comfort as long as it is operated in the individual control mode. It is found that even though the main drawback of the VRF system is the high initial cost compared to the common air conditioning systems, due to the energy saving potential of the VRF system, the estimated payback period of the VRF system compared to an air cooled chiller system in a generic commercial building could be about 1.5 year. (C) 2010 Elsevier B.V. All rights reserved.