Diesel generators (DGs) are set to work as a backup during power outages or support the load in remote areas not connected to the national grid. These DGs are working at a constant speed to produce reliable AC power, while electrical energy demand fluctuates according to instantaneous needs. High electric loads occur only for a few hours a day in remote areas, resulting in oversizing DGs. During a low load operation, DGs face poor fuel efficiency and condensation of fuel residues on the walls of engine cylinders that increase friction and premature wear. One solution to increase combustion efficiency at low electric loads is to reduce diesel engine (DE) speed to its ideal regime according to the mechanical torque required by the electrical generator. Therefore, Variable Speed Diesel Generators (VSDGs) allow the operation of the diesel engine at an optimal speed according to the electrical load but require additional electrical equipment and control to maintain the power output to electrical standards. Variable speed technology has shown a significant reduction of up to 40% fuel consumption, resulting in low GHG emissions and operating costs compared to a conventional diesel generator. This technology also eliminates engine idle time during a low load regime to have a longer engine lifetime. The main objective of this survey paper is to present the state of the art of the VSDG technologies and compare their performance in terms of fuel savings, increased engine lifetime, and reduced greenhouse gases (GHG) emissions. Various concepts and the latest VSDG technologies have been evaluated in this paper based on their performance appraisal and degree of innovation.