This paper presents a comprehensive review and assessment of the latest research and advancement of electric vehicles (EVs) interaction with smart grid portraying the future electric power system model. The concept goal of the smart grid along with the future deployment of the EVs puts forward various challenges in terms of electric grid infrastructure, communication and control. Following an intensive review on advanced smart metering and communication infrastructures, the strategy for integrating the EVs into the electric grid is presented. Various EV smart charging technologies are also extensively examined with the perspective of their potential, impacts and limitations under the vehicle-to-grid (V2G) phenomenon. Moreover, the high penetration of renewable energy sources (wind and photovoltaic solar) is soaring up into the power system. However, their intermittent power output poses different challenges on the planning, operation and control of the power system networks. On the other hand, the deployment of EVs in the energy market can compensate for the fluctuations of the electric grid. In this context, a literature review on the integration of the renewable energy and the latest feasible solution using EVs with the insight of the promising research gap to be covered up are investigated. Furthermore, the feasibility of the smart V2G system is thoroughly discussed. In this paper, the EVs interactions with the smart grid as the future energy system model are extensively discussed and research gap is revealed for the possible solutions.