In the light of the ever increasing dangers of global warming, the efforts to reduce energy consumption by radiative cooling techniques have been designed, but are inefficient under strong sunlight during the daytime. With the advent of metamaterials and their selective control over optical properties, radiative cooling under direct sunlight is now possible. The key principles of metamaterial-based radiative cooling are: almost perfect reflection in the visible and near-infrared spectrum (0.3-3 mu m) and high thermal emission in the infrared atmospheric window region (8-13 mu m). Based on these two basic principles, studies have been conducted using various materials and structures to find the most efficient radiative cooling system. In this review, we analyze the materials and structures being used for radiative cooling, and suggest the future perspectives as a substitute in the current cooling industry.