<p>Smart Grid, a decentralized, intelligent and self-optimized energy grid, with bidirectional movement of electricity and statistics is considered the future generation of the power grid. In this document, a broad literature review is walked through with the past histories of the smart grid technologies, their advances, case studies and discussions referring towards future inclination in smart grids, that are possibly the salvation and the tribulations that can be offered to the energy sector. The article reviews the evolution and current state of smart grid technologies, along with challenges in developing and implementing smart grid technologies. When integrated into the traditional power systems, digital communication and automation lay the groundwork for efficient energy management and renewable integration required from smart grid systems. Historical perspectives are included in the review while the modern technological advances and applications are mentioned too, alongside the identification of major challenges like high costs, cybersecurity, regulatory challenges and many more. Also, several challenges are addressed in the document that enhance the energy sustainability and advance smart grids towards it.</p>