As global pollution levels rise and environmental concerns become increasingly significant, there is an increasing shift towards sustainable energy solutions, such as plug-in hybrid electric vehicles (PHEVs). They offer substantial energy storage capabilities, enabling them to store excess energy and return it to the grid during peak demand periods. This unique feature positions PHEVs as valuable assets for grid stability, providing support for power distribution and contributing to the efficiency and resilience of energy systems. Vehicle-to-Grid (V2G) technology, which facilitates bidirectional energy flow between electric vehicles and the power grid, represents a promising approach to addressing contemporary energy challenges. By integrating V2G systems, electric vehicles can not only function as mobile energy storage units but also assist in balancing supply and demand. Additionally, V2G systems can provide ancillary services such as frequency regulation, peak shaving, and load management, all of which are essential for the stable operation of modern power grids. Despite its potential, the integration of V2G technology faces a number of challenges, including technological limitations, economic feasibility, and regulatory complexities. Key challenges include the development of advanced charging infrastructure, improvements in battery technologies, and the establishment of policies that incentivize V2G participation. This paper explores the features, applications, benefits, and challenges of V2G technology, highlighting its potential to advance sustainable energy solutions and contribute to the evolution of smarter, more resilient power grids.