Electric vehicle (EV) has emerged as the future of transport worldwide, with the rising need for greener and energy‐efficient transportation solutions. The adoption of EVs can accommodate a clean atmosphere, dropping conventional fuel dependence. During the charging process, the EV will have to interact with various entities that are presented in the dynamic charging station to get charged. This emerging technology grabbed the attention of several researchers to propose authentication protocols for the dynamic EV charging system to protect the information exchanged between the EVs and the dynamic charging station. Considering the complexities associated with communications among EV and other involved entities, security researchers have proposed diverse authentication protocols vital for the EV charging system to protect the information exchanged. However, several existing authentication protocols either suffer from prominent security threats or limit themselves to static charging. This review paper discusses security aspects, security threats, the typical network model, and the threat model in the EV dynamic charging system. Next, we studied and analyzed various security protocols that are needed to provide authentication, privacy preservation, secure billing, and payment among the involved entities in the EV dynamic charging system. A comparative analysis of several state‐of‐the‐art security protocols that offer authentication, privacy preservation, and secure billing and payment facilities in EV dynamic charging systems is demonstrated with their efficacy as well as security and functionality aspects. In addition, some future challenges for EV dynamic charging system security protocols are also highlighted.