Over the past fifty years, telecommunications has transformed, in an unprecedented manner, the way we live, work and communicate. For telecommunications, fixed networks are the one pillar and wireless networks the other. The wireless networks and their generations have been extensively investigated in the literature; however, the fixed networks lack a consistent exploration of their evolution. For this purpose, our motivation is to present a review of the evolution of fixed networks in a holistic manner, from various different perspectives, which can assist engineers and students to understand, in a better way, how broadband networks developed and the main features of the current networking environment. Specifically, in this review, we aim to shed light on the most important technologies, standards and milestones of the fixed networks from various perspectives, such as the service perspective, the networking perspective (both access and core part) and the physical layer perspective. Our study follows the timeline of the five generations of fixed networks defined by the European Telecommunications Standards Institute (ETSI) F5G group and discusses the key achievements and limitations of each generation for each different infrastructure layer and segment, designating the most important issues for the most widely-adopted technologies and standards. Finally, our analysis helps to reveal the technical challenges that need to be addressed by the fixed telecom network community, such as energy efficiency, capacity scaling, cost-efficiency, etc., while also revealing potential future directions.