Renewable energy resources are currently being deployed on a large scale to meet the requirements of increased energy demand, mitigate the environmental pollutants, and achieve socio-economic benefits for sustainable development. The integration of such distributed energy sources into utility grid paves the way for microgrids. The microgrid concept is introduced to have a self-sustained system consisting of distributed energy resources that can operate in an islanded mode during grid failures. In microgrid, an energy management system is essential for optimal use of these distributed energy resources in intelligent, secure, reliable, and coordinated ways. Therefore, this review paper presents a comparative and critical analysis on decision making strategies and their solution methods for microgrid energy management systems. To manage the volatility and intermittency of renewable energy resources and load demand, various uncertainty quantification methods are summarized. A comparative analysis on communication technologies is also discussed for cost-effective implementation of microgrid energy management systems. Finally, insights into future directions and real world applications are provided.