Global energy demand is continuously increasing where the pollution and harmful greenhouse gases that originated from the burning of fossil fuels are alarming. Various policies, targets, and strategies are being set to the carbon footprint. Renewable energy penetration into the utility grid, as well as bidirectional power flow between generation and end-users, are also potentials. A microgrid energy system can help distribute energy from intermittent renewable generation centres to load centres more effectively. The microgrid system efficiently utilises electricity from renewable sources, such as solar, wind, hydro, geothermal, and biomass. The potential renewable transition opens up a lot of possibilities for microgrids that are both grid-connected and islanded. Digital technology, specialised energy measurement devices, a fast and efficient communication system, energy storage systems, and dynamic control techniques are all used. The renewable-based microgrid system faces numerous techno-economical vulnerabilities due to the volatile and environmental dependencies of renewable energy. The complex power converter stages, lack of strict regulatory rules, grid operations and management, communications between the centralised and decentralised controllers come into play while investigating the microgrid system. This paper focuses on the prospects of renewable-based microgrid system implementation in Bangladesh. The major challenges and solutions to those challenges are described with all the current breakthroughs across the world to solve some core issues regarding microgrid planning, controlling, maintenance, resilience, and economics.