Electric vehicles (EVs) are proportionally increasing day-by-day with the inclusion of upgraded technology toward considered zero carbon emission efforts. To mitigate greenhouse gas emissions from the transportation sector, grid-to-vehicle (G2V) and vehicle-to-grid (V2G) technologies are getting significant attention nowadays. EVs equipped with modern technology can help to stabilize the power grids through load-balancing topology during peak hours. The improvement in EVs can support the surroundings in numerous ways, such as power grid voltage and frequency regulations, harmonics distortions, accessible solar energy implemented to the grids, and peak load stabilizations. This literature review analyzes G2V and V2G impacts in more depth, namely opportunities, improvements in strategies, operation, control, issues, and new technology adoptions. This paper emphasizes the possibilities of bringing advancements in EV technology, smooth operations between grids and EVs, fast bidirectional charging and discharging scopes, control of grids and EVs structures, issues, benefits, pitfalls, challenges, and recommendations.