Yalun Li, Kun Wang, Xuechun Feng, Dongxu Guo, Xinjia Gao, Di Mou, Yu Wu, Shichun Yang
Vehicle-to-Grid (V2G) offers transformative potential for enhancing grid stability, integrating renewable energy, and optimizing economic efficiency, through bidirectional energy interaction between electric vehicles (EVs) and the power grid. Despite numerous global demonstration projects, scaling up V2G promotion to unlock its potential remains a critical challenge. This review comprehensively examines V2G systems from the aspects of economic feasibility foundation, energy potential utilization, power potential utilization, and transaction value-capturing mechanisms. As the feasibility foundation, battery charging modes, associated degradation, and lifetime management strategies are discussed. As a key enabler for unlocking the energy potential of the distributed EVs, the challenges in implementing virtual power plants—such as heterogeneous resource aggregation and uncertain behavior prediction—are summarized. As the hub for coordinating the power potential of EVs, the individual and coordinated control of charging facilities within microgrids is further reviewed. At last, the energy and capacity market mechanisms and decision-making frameworks for coordinating diverse stakeholders are presented in the trade process. The synthesis underscores V2G’s viability as a cornerstone of future sustainable energy systems, and identifies interdisciplinary research directions for scaling deployment. Through the comprehensive discussion of diverse participants and multi-level technologies, the challenges and solutions for V2G implementation to support the power grid are outlined.