In this thesis, the dynamic progression and substantial influence of Digital Twins in the context of smart manufacturing, Industry 4.0, and Industry 5.0 are presented. By exploring the historical context and development of Digital Twin technology, a strong foundation for understanding the emergence of Hybrid Digital Twin (HDT) is established. Through a conceptual overview, the key distinctions between HDTs and traditional DTs are highlighted, emphasizing their significance in today's industrial landscape. A comprehensive literature review employing a systematic methodology is conducted to analyze and synthesize the existing research on HDTs. The criteria for paper selection are outlined, and a detailed overview of relevant studies across various industries is provided, focusing on applications in manufacturing, healthcare, energy, aerospace, and other sectors.