Cloud Radio Access Network (C-RAN) refers to the virtualization of base station functionalities by means of cloud computing. This results in a novel cellular architecture in which low-cost wireless access points, known as radio units (RUs) or remote radio heads (RRHs), are centrally managed by a reconfigurable centralized "cloud", or central, unit (CU). C-RAN allows operators to reduce the capital and operating expenses needed to deploy and maintain dense heterogeneous networks. This critical advantage, along with spectral efficiency, statistical multiplexing and load balancing gains, make C-RAN well positioned to be one of the key technologies in the development of 5G systems. In this paper, a succinct overview is presented regarding the state of the art on the research on C-RAN with emphasis on fronthaul compression, baseband processing, medium access control, resource allocation, system-level considerations and standardization efforts.