With the rise of the Internet of Things (IoT), applications have become smarter and connected devices give rise to their exploitation in all aspects of a modern city. As the volume of the collected data increases, Machine Learning (ML) techniques are applied to further enhance the intelligence and the capabilities of an application. The field of smart transportation has attracted many researchers and it has been approached with both ML and IoT techniques. In this review, smart transportation is considered to be an umbrella term that covers route optimization, parking, street lights, accident prevention/detection, road anomalies, and infrastructure applications. The purpose of this paper is to make a self-contained review of ML techniques and IoT applications in Intelligent Transportation Systems (ITS) and obtain a clear view of the trends in the aforementioned fields and spot possible coverage needs. From the reviewed articles it becomes profound that there is a possible lack of ML coverage for the Smart Lighting Systems and Smart Parking applications. Additionally, route optimization, parking, and accident/detection tend to be the most popular ITS applications among researchers.