Radiation recuperator is a class of indirect contact heat exchanger widely used for waste heat recovery in high temperature industrial applications. At higher temperatures heat loss is higher and as the cost of energy continues to rise, it becomes imperative to save energy and improve overall energy efficiency. In this light, a radiation recuperator becomes a key component in an energy recovery system with great potential for energy saving. Improving recuperator performance, durability, and its design and material considerations has been an ongoing concern. Recent progress in furnace design and micro turbine applications together with use of recuperators has resulted in reduced fuel consumption, increased cost effectiveness and short pay-back time periods. Due to its high commercial value and confidential nature of the industry, little information is available in the open literature as compared to convection recuperators where results are well documented. This review paper intends to bridge the gap in literature and provides valuable information on experimental and theoretical investigations in radiation recuperator development along with identification of some unresolved issues.