The growth and demand for electric power with the huge construction cost of new power networks has been the biggest challenge for the efficient power supply. FACTS devices are utilized to take care of this issue to improve static and dynamic effectiveness of the system. This analysis targets different FACTS devices, their configuration, controlling, comparative analysis & applications for power quality improvement. The escalation in power demand results in unstable voltage, surge in losses inclusive of degrading the power quality of network. Optimal deployment of FACTS devices helps to increase the stability of system including resolving power quality concerns. Various new technologies like Genetic Algorithm, Whale Optimization Algorithm, Brain Storm Optimization, Immune Algorithm, Fuzzy Logic Controller etc. are also studied for the various operations of FACTS devices. A literature study of various FACTS devices; challenges and corresponding solutions along with the application of intelligent techniques in their operations has been carried out in this work for improving the power system governance for power system control and its management.