As the adoption of Industry 4.0 advances and the manufacturing process becomes increasingly digital, the Digital Twin (DT) will prove invaluable for testing and simulating new parameters and design variants. DT solutions build a 3D digital replica of the physical object allowing the managers to develop better products, detect physical issues sooner, and predict outcomes more accurately. In the past few years, Digital Twins (DTs) dramatically reduced the cost of developing new manufacturing approaches, improved efficiency, reduced waste, and minimized batch-to-batch variability. This paper aims to highlight the evolution of DTs, review its enabling technologies, identify challenges and opportunities for implementing DT in Industry 4.0, and examine its range of applications in manufacturing, including smart logistics and supply chain management. The paper also highlights some real examples of the application of DT in manufacturing.