Distributed control solutions to the multi-agent systems in terms of coordination, formation, and consensus problems are extensively studied in the literature. The circular formation control of multi-agent systems becomes one of the most challenging and active research topics in distributed cooperative control. The research potential of circular formation control has grown especially in satellite formation and control. The circular formation control aims to drive a group of agents to move on a circular trajectory around a center with spacing adjustment to avoid the collision. This paper covers the fundamental research in consensus and formation control and the latest developments in the applications of formation control especially in circular formation control and stability analysis. Literature related to various control streams to achieve circular formation is discussed. Algebraic graph theory is used as a building block in problem definition, problem formulation, and solutions. A review of bearing, range, and received signal strength measurements with respect to circular formation control is presented. Leader following, behavior-based, artificial potential function, virtual structure, and cyclic pursuit are the methods discussed most in this context. The stabilization of the collective circular motion with the unicycles approach is also discussed. Further results on circular formation, several applications, and future research directions are presented.