Regenerative braking energy (RBE) utilization plays a vital role in improving the energy efficiency of electrified railways. To date, various power flow control-based solutions have been developed to recycle the RBE for utilization within railway power systems (RPSs). In this paper, an overview of the state-of-the-art power flow control-based solutions for RBE utilization in AC electrified railways is presented. It provides a technical analysis of four primary power flow control-based solutions for RBE utilization, including power sharing-based, energy feedback-based, energy storage-based, and composite solutions. The critical architectures of power flow conditioners for each solution are analyzed in depth. Meanwhile, the power flow control strategies for these solutions are reviewed from the perspectives of power flow management and converter control. From the industrial point of view, the critical challenges associated with fault protection, economy, and environmental impact are discussed. In addition, future trends are comprehensively elaborated from internal and extended improvements. This comprehensive review provides an insightful understanding of the technology readiness, constraints, and perspectives regarding the power flow control-based RBE utilization in electrified railways, contributing to bridging the gaps between academic research and industry implementation.