The fourth industrial revolution, also known as Industry 4.0, is reshaping the way individuals live and work while providing a substantial influence on the manufacturing scenario. The key enabling technology that has made Industry 4.0 a concrete reality is without doubt <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">collaborative robotics</i> , which is also evolving as a fundamental pillar of the next revolution, the so-called Industry 5.0. The improvement of employees’ safety and well-being, together with the increase of profitability and productivity, are indeed the main goals of human-robot collaboration (HRC) in the industrial setting. The robotic controller design and the analysis of existing decision and control techniques are crucially needed to develop innovative models and state-of-the-art methodologies for a safe, ergonomic, and efficient HRC. To this aim, this paper presents an accurate review of the most recent and relevant contributions to the related literature, focusing on the control perspective. All the surveyed works are carefully selected and categorized by target (i.e., safety, ergonomics, and efficiency), and then by problem and type of control, in presence or absence of optimization. Finally, the discussion of the achieved results and the analysis of the emerging challenges in this research field are reported, highlighting the identified gaps and the promising future developments in the context of the digital evolution. <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">Note to Practitioners</i> —The design and development of manufacturing systems are experiencing substantial changes towards full automation. This ongoing challenge is being tackled by academia and industrial practitioners with the adoption of collaborative robots, where the skills and peculiarities of humans (e.g., intelligence, creativity, adaptability, etc.) and robots (e.g., flexibility, pinpoint accuracy, tirelessness, etc.) are combined to better perform a variety of tasks. Nevertheless, due to their different characteristics, there is an emerging need for designing suitable decision and control techniques to ensure a safe and ergonomic HRC, while keeping the highest level of productivity. Against this background, the aim of this paper is to provide researchers and practitioners with a reference source in the related field, which can help them designing and developing suitable solutions to control problems in safe, ergonomic, and efficient collaborative robotics.