The phenomenon of High-Frequency Distortion (HFD) in the electric grids, both at Low Voltage (LV) and Medium Voltage (MV) levels, is gaining increasing interest within the scientific and technical community due to its growing occurrence and the associated impact. These disturbances are mainly injected into the grid by new installed devices, essential for achieving decentralized generation based on renewable sources. In fact, these generation systems are connected to the grid through power converters, whose switching frequencies are significantly increasing, leading to a corresponding rise in the frequency of the injected disturbances. HFD represents a quite recent issue but numerous scientific papers have been published in recent years on this topic. Furthermore, various international standards have also covered it, to provide guidance on instrumentation and related algorithms and indices for the measurement of these phenomena. When measuring HFD in MV grids, it is necessary to use Instrument Transformers (ITs) to scale voltages and currents to levels fitting with the input stages of Power Quality (PQ) instruments. In this respect, the recent released edition 2 of the IEC 61869-1 standard extends the concept of IT accuracy class up to 500 kHz; however, the IEC 61869 standard family provides guidelines on how to test ITs only at power frequency. This paper provides an extensive review of literature, standards, and the main outputs of European research projects focusing on HFD and ITs. This preliminary study of the state of the art represents an essential starting point for defining significant waveforms to test ITs and, more generally, to achieve a comprehensive understanding of HFD. In this framework, this paper provides a summary of the most common ranges of amplitude and frequency variations of actual HFD found in real grids, the currently adopted measurement methods and the normative open challenges to be addressed.