This paper presents an extensive review of the most effective and modern monitoring methods for electrical power lines, with particular attention to high-voltage (HV) and medium-voltage (MV) systems. From a general point of view, the main objective of these techniques is to prevent catastrophic failures by detecting the partial damage or deterioration of components and allowing maintenance operations to be organized. In fact, the protection devices commonly used in transmission and distribution networks guarantee the location of faults, such as short-circuits, putting the non-functioning branch of the network out of service. Nowadays, alongside these devices, it is possible to introduce new intelligent algorithms capable of avoiding the total loss of functionality, thus improving the reliability of the entire network. This is one of the main challenges in modern smart grids, which are characterized by the massive integration of renewable energy sources and a high level of complexity. Therefore, in the first part of this paper, a general overview of the most common protection devices is proposed, followed by an analysis of the most modern prevention algorithms. In the first case, the coordination of the relays plays a fundamental role in obtaining the fault location with a high level of selectivity, while in the field of preventive analysis, it is necessary to address the implementation of artificial intelligence methods. The techniques presented in this paper provide a comprehensive description of the different monitoring approaches currently used in distribution and transmission lines, highlighting the coordination of protection relays, the computational algorithms capable of preventing failures, and the influence of the distributed generation in their management. Therefore, this paper offers an overview of the main diagnostic techniques and protection devices, highlights the critical issues that can be overcome through the introduction of artificial intelligence, and describes the main prognostic methods, focusing on their invasive level and the possibility of operating directly online. This work also highlights the main guidelines for the classification and choice between the different approaches.