What is the current status of the open problem in knot theory 'When is a knot equivalent to its inverse?'
Additionally, I would like to know what work has been done on this problem (I cannot find anything on it besides the problem name upon google searching), and any information including explanations about it. Thank you.
A knot is called amphichiral if it is isotopic to its mirror and chiral otherwise.
http://mathworld.wolfram.com/AmphichiralKnot.html is perhaps good place to start. Jones' result at the bottom is quite a strong obstruction.
Kauffman, Murasugi (independently) and Thistlewaite (also independently) in 1987 proved that for an alternating knot $K$ with an odd number of crossings the Jones polynomial of $K$ is not equal to the Jones polynomial of its mirror $-K$.
In general, the only examples of knots known to be smoothly or topologically concordant to their mirrors are either amphichiral or slice and many concordance invariants can naturally obstruct amphichirality. Recall that a knot $K$ is concordant to $K'$ iff $K\#-K'$ bounds a smoothly slice disk in the 4-ball, and that $K \# -K$ always bounds such a disk (in fact this disk is ribbon). So a necessary condition for amphichirality is for $K\#K$ to be smoothly slice. So if $\nu$ is a concordance invariant which is additive under connect sum and a lower bound on smooth four genus ($\nu(K) \leq g_4(K)$), then if $\nu(K)>0$, $K$ must be chiral.
e.g. if a knot admits a Legendrian representative with $tb(K)+|r(K)|+1>0$ then $K$ cannot even be concordant to its mirror otherwise $K\#K$ would be slice yet violate the adjunction inequality (in other words the maximum of $(tb(K)+|r(K)|+1)/2$ is such a $\nu$). Similar obstructions can be obtained from other additive concordance invariants such as Rassmussen's $s$-invariant (suitably normalized) and Ozvath-Szabo's $\tau$-invariant, and these all prove for instance that any non-trivial torus knot is chiral.