Cavalry charges were very usual from Ancient history until 19th century, but with the appearance of some modern weapons like the machine gun and the motorization and mechanization of the armies, their power went down very fast until they disappeared during 20th century. Even so, some cavalry charges took place after The Great War, some of them even after the start of World War 2, the war that changed the War Theory drastically.
On August 24, 1942 (some sources place the action on August 23), about 600 Italian cavalrymen from the Savoia Cavalleria Italian cavalry regiment charge, with sabres drawn, charge towards 2.000 infantrymen from the 812th Siberian Rifle Regiment (part of the 304th Rifle Division). It is known as the Izbushensky charge due to the location where it took place, and it is known as the last cavalry charge in History even though some charges may have taken place after this one during World War 2 (including a charge conducted by the 1st Italian Cavalry Division Eugenio di Savoia) and even after.
That day, the Italians charge towards the Soviets and using hand grenades and sabres bring about many casualties on the defenders. Italians suffered casualties too, including 32 dead (the commanders of the 3rd and 4th squadrons among them), 52 wounded and 100 horses dead. Even though the action was a quite small skirmish, Italian propaganda used this action widely. That is the story of the ‘last cavalry charge in History’.
Jesse Greenspan. “Remembering History’s Last Major Cavalry Charges.” History. 23 Aug. 2012
“Charge of the Savoia Cavalleria at Izbyshensky”. Wikipedia. 19 Jul. 2018 <https://en.wikipedia.org/wiki/Charge_of_the_Savoia_Cavalleria_at_Izbushensky>.