Terahertz radiation for inspection and fault detection has been of interest for the semiconductor industry since the first generation and detection of THz signals. Until recent hardware advances, THz systems lacked the signal quality and reliability for use as an effective nondestructive testing (NDT) method. Incremental advances in THz sources, detectors, and signal processing resulted in the successful applied-industrial use of THz NDT techniques on carbon fiber laminates, automotive coatings, and for detection of counterfeit pharmaceutical tablets. Semiconductor inspection and verification methods ensure the functionality and thereby safety of vital electronics for several critical industries. For this reason, the reliability and verification of a THz NDT method must exceed currently used inspection systems. With recent laboratory access to THz radiation, THz inspection methods are often compared with existing optical, electrical, and volumetric semiconductor verification techniques for their production monitoring and failure analysis viability. This review will cover THz techniques and their applications at the printed circuit board (PCB), integrated circuit (IC), and transistor/gate scales. The THz radiation gap spans between optical and electronic ranges with a millimeter-sized wavelength allowing for adequate penetration of plastic and ceramic and semiconductor materials. THz radiation can be used to determine structural features, electrical signatures in the THz range, and chemical information simultaneously. Cost and environmental limitations restricted the ability for THz NDT semiconductor inspection methods to escape the lab and succeed in the dynamic environment of a semiconductor fabrication environment. Hybridized metrology methods incorporating information from multiple inspection tools are a regime where THz spectral and structural data can be combined with existing methods such as optical, x-ray, or E-beam. THz can be used initially to offer support to the complex failure analysis and verification requirements of the semiconductor industry from nanoscale to macroscale features and components. For THz systems to become independent inspection tools used for semiconductor production monitoring, in the lab or fab, this will require a confident level of statistical process control for THz signal generation, detection, or processing. Applied industrial semiconductor device inspection will likely be a result of a combination of research into THz hardware, reconstruction techniques, and the widespread application of machine learning techniques. Many breakthroughs occurred over the years to enable successful nondestructive characterization and inspection of semiconductor devices from the nanoscale transistors to fully packaged integrated circuits and assembled PCBs.