The Fast Fourier Transform and Inverse Fast Fourier Transform (FFT/IFFT) are the most significant digital signal processing (DSP) techniques used in Orthogonal Frequency Division Multiplexing (OFDM)-based applications which include day-to-day wired/wireless communications, broadband access, and information sharing. The advancements in telecommunication technologies require an efficient FFT/IFFT processing device to meet the necessary specifications which depend on the particular application. A real-time implementation of high-speed FFT/IFFT processor with less area that operates in minimal power consumption is essential in designing an OFDM integrated chip. A comparative study of efficient algorithms and architectures for FFT chip design is presented in this paper. It is also recommended that mixed-radix/higher-radix algorithm combined with Single-path Delay Commutator (SDC) architecture is appropriate for massive MIMO in 5G, optical OFDM, cooperative MIMO and multi-user MIMO-based applications. © 2018 World Scientific Publishing Company.