With the evolution of the smart grid concept, the production of electric vehicles (EVs) is predicted to rise because of environmental concerns, technological advancements, and improvements in EV management. Vehicle‐to‐grid (V2G) is an enabling, realistic, and affordable technology to cope with a large number of EVs, increase energy sustainability, provide economical solutions, satisfy user‐side consumers, and facilitate power flow to the grid. Power electronics (PE) converters, particularly bidirectional power converters, are promising interfaces for V2G infrastructure because they determine the characteristics and functionalities of V2G. Therefore, this study provides an extensive review of the characteristics, technological aspects, and visions of V2G infrastructure. This review helps to identify the current state, most recent developments, and problems related to bidirectional interface topologies and control strategies in V2G infrastructure. It further examines the classification of chargers or dischargers based on numerous factors, including limitations and impacts. Furthermore, the benefits, challenges with possible mitigation solutions, and future outlooks in the implementation of V2G technology are discussed. This review is planned to serve as a reference for existing work in V2G frameworks, PE interfacing topologies, and control strategies, and to also facilitate a guideline for future work that can be implemented to flourish V2G technology.