The use of renewable energy resources (solar, wind, and bio-power) has grown tremendously to meet the ever-increasing energy demand and climate change mitigation and contribute to sustainable development. The integration of these energy resources is carried out in a distributed form via microgrid systems. Microgrid can operate either in the stand-alone mode or in grid-connected mode. In microgrid system, variation in voltages and fluctuations in frequency are observed on regular basis. In this paper, a detailed overview has been made which helps to understand and analyze these types of faults and its early detection of the system. This paper discusses different artificial intelligence-based techniques which are used to detect these kinds of faults and fluctuations. The paper finally identifies the shorfalls in the mitigation techniques and the process of overcoming those shortfalls.