The evolution of power electronics and its control has been mainly driven by industry applications and influenced by the development achieved in several technologies, such as power semiconductors, converter topologies, automatic control, and analog and digital electronics. Digital signal processors (DSPs), in particular, have experienced an exponential development in processing power, which until now has not been fully exploited for control purposes in power converters and drive applications. Presently, the control system technology finds itself in a paradigm-changing tipping point, in which more demanding control goals, system flexibility, and functionalities required by emerging applications are driving the control system technology development, in addition to stabilization and robustness, which was the main focus in the past. This article walks briefly through the history of the mainstream power converter control scene, with an emphasis on the more recent introduction of predictive control, and gives a glimpse on the challenges and possibilities ahead. Special attention is given to finite control set (FCS)-model predictive control (MPC), because of its simplicity, flexibility, inherent adaptation to power electronic circuits and their discrete nature, both in the finite amount of switching states and the digital implementation with microprocessors.