The concept of energy transfer between two vehicles and communication between them is a promising one for the future of electrified transportation sector. In response to the growing research and interest in vehicle-to-vehicle (V2V) technology, this article provides an in-depth review on the actual energy transfer between two vehicles and their communication aspects. The literature is addressed to analyze power electronics topologies for successful V2V power transfer and compare V2V charging optimization techniques. Communication protocols and standards relevant to V2V technology are also discussed with a focus on their potential applications for improving transportation safety and efficiency. Further, challenges faced by existing V2V power transfer solutions and the commercial products available for implementing V2V charging are described. In contrast to other literature surveys, this paper provides a comprehensive overview of V2V power transfer and communication technologies with implications for the future of sustainable electrified transportation. The study and discussion of over 300 papers on the topic are encompassed in this paper.