The grid integration of microgrids and the selection of energy management systems (EMS) based on robustness and energy efficiency in terms of generation, storage, and distribution are becoming more challenging with rising electrical power demand. The problems regarding exploring renewable energy resources with efficient and durable energy storage systems demand side management and sustainable solutions to microgrid development to maintain the power system’s stability and security. This article mainly focuses on the overview of the recent developments of microgrid EMS within the control strategies and the implementation challenges of the microgrid. First, it provides energy management strategies for the major microgrid components, including load, generation, and energy storage systems. Then, it presents the different optimization approaches employed for microgrid energy management, such as classical, metaheuristic, and artificial intelligence. Moreover, this article sheds light on the major implementation challenges of microgrids. Overall, this article provides interactive guidelines for researchers to assist them in deciding on their future research.