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The gradual shift towards cleaner and green energy sources requires the application of electric vehicles (EVs) as the mainstream transportation platform. The application of vehicle-to-grid (V2G) shows promise in optimizing the power demand, shaping the load variation, and increasing the sustainability of smart grids. However, no comprehensive paper has been compiled regarding the of operation of V2G and types, current ratings and types of EV in sells market, policies relevant to V2G and business model, and the implementation difficulties and current procedures used to cope with problems. This work better represents the current challenges and prospects in V2G implementation worldwide and highlights the research gap across the V2G domain. The research starts with the opportunities of V2G and required policies and business models adopted in recent years, followed by an overview of the V2G technology; then, the challenges associated with V2G on the power grid and vehicle batteries; and finally, their possible solutions. This investigation highlighted a few significant challenges, which involve a lack of a concrete V2G business model, lack of stakeholders and government incentives, the excessive burden on EV batteries during V2G, the deficiency of proper bidirectional battery charger units and standards and test beds, the injection of harmonics voltage and current to the power grid, and the possibility of uneconomical and unscheduled V2G practices. Recent research and international agency reports are revised to provide possible solutions to these bottlenecks and, in places, the requirements for additional research. The promise of V2G could be colossal, but the scheme first requires tremendous collaboration, funding, and technology maturation.