Internet of Things (IoT) is a connection of people and things at any time, in any place, with anyone and anything, using any network and any service. Thus, IoT is a huge dynamic global network infrastructure of Internet-enabled entities with web services. One of the most important applications of IoT is the Smart Grid (SG). SG is a data communications network which is integrated with the power grid to collect and analyze data that are acquired from transmission lines, distribution substations, and consumers. In this paper, we talk about IoT and SG and their relationship. Some IoT architectures in SG, requirements for using IoT in SG, IoT applications and services in SG, and challenges and future work are discussed.