Wind power (WP) is considered as one of the main renewable energy sources (RESs) for future low-carbon and high-cost-efficient power system. However, its low inertia characteristic may threaten the system frequency stability of the power system with a high penetration of WP generation. Thus, the capability of WP participating in the system frequency regulation has become a research hotspot. In this paper, the impact of WP on power system frequency stability is initially presented. In addition, various existing control strategies of WP participating in frequency regulation are reviewed from the wind turbine (WT) level to the wind farm (WF) level, and their performances are compared in terms of operating principles and practical applications. The pros and cons of each control strategy are also discussed. Moreover, the WP combing with energy storage system (ESS) for system frequency regulation is explored. Furthermore, the prospects, future challenges, and solutions of WP participating in power system frequency regulation are summarized.