Micro Grid operations are more dependent on and vulnerable to intermittent renewable energy sources (RES) integration along with other emerging trends like Plug in Electric Vehicles (PEVs) and advanced Energy Storage Systems (ESSs). With the advent of Smart Grid technologies, the micro grid operations are becoming more realistic and promising without much delays and inaccuracies in control actions. In this paper, we mainly focused on Micro Grid Energy Management System (EMS), synchronization, V and f control. A comprehensive review has been carried out to list out the current issues and challenges in a Smart Grid technology aided Micro Grid. The major issues in Micro Grid are mainly concerned with integration of intermittent distribution generation and while running in island mode of operation, the issues like V and f correction are more critical. Micro grid community helps in power sharing and stability cooperation among all micro grids, but at the same it should be capable of identifying when to isolate in case of any micro grid blackout. The role of power electronic converters in controlling the grid parameters while interfacing DGs are discussed through available literature