Schottky diode (SD) has seen great improvements in the past few decades and, for many THz applications, it is the most useful device. However, the use and recycling of forms of energy such as solar energy and the infrared thermal radiation that the Earth continuously emits represent one of the most relevant and critical issues for this diode, which is unable to rectify signals above 5 THz. The goal is to develop highly efficient diodes capable of converting radiation from IR spectra to visible ones in direct current (DC). A set of performance criteria is investigated to select some of the most prominent materials required for developing innovative types of electrodes, but also a wide variety of insulator layers is required for the rectification process, which can affect the performance of the device. The current rectifying devices are here reviewed according to the defined performance criteria. The main aim of this review is to provide a wide overview of recent research progress, specific issues, performance, and future directions in THz rectifier technology based on quantum mechanical tunneling and asymmetric structure.