This paper presents a state-of-the-art review of various models of Internet of Vehicles (IoV) that were proposed to revolutionize the transportation and automation industry. In the last few years, IoV technology has emerged as a global revolution, demonstrating considerable impact upon the transportation and automation industry, hence, the interest of the researchers bends towards the utility of the IoV technology which motivated us to present a comprehensive review. This paper, thus, collates recent findings along with some anticipated applications of IoV technologies for transportation. It brings to light the evolution of the IoV studies referred as models for transportation since its birth and aims to present a deep insightful review of various IoV technologies with their strengths and weaknesses. The reviewed literature is organized systematically to give a categorical overview of recent developments. This article also discusses the outstanding potentialities and challenges that exist in transportation from IoV perspective with the belief that these will have the capacity to be addressed in the near future. As there is no review literature on IoV technology available for transportation. Hence, we strongly believe that this study will be useful and enable the researchers to utilize IoV technologies to solve complex outstanding problems in transportation and automation. Keywords Internet of vehicles . V2X . network . Energy efficiency . Big data . QoS 1 IoV is abbreviated as Internet of Vehicles which has also been referred to by various names like ICV (Internet Connected Vehicles) or CV (Connected Vehicles) or AUV (Autonomous Vehicles) by other academicians. 2 V2X represents V2V, V2I, V2H, V2R and V2C which is also referred to as V2α by other academicians.