Power system protection has evolved significantly due to the ongoing energy transition and digitalization. The development and standardization of information and communication technologies (ICTs) used for power system protection, monitoring, and control have led to the digitalization of substations and the introduction of new protection and control schemes. These include virtualized centralized protection and control for intra-substation applications, as well as advanced wide-area monitoring, protection, and control (WAMPAC) for inter-substation applications. This paper reviews the development of virtualized centralized protection, with a focus on key practical advancements, emerging technologies, and state-of-the-art studies in centralized protection and control (CPC) and W AMP AC systems. It also identifies directions for future research.