The global energy landscape is witnessing a transformational shift brought about by the adoption of renewable energy technologies along with power system modernisation. Distributed generation (DG), smart grids (SGs), microgrids (MGs), and advanced energy storage systems (AESSs) are key enablers of a sustainable and resilient energy future. This review deepens the analysis of the fulminating change in power systems, detailing the growth of power systems, wind and solar integration, and next-generation high-voltage direct current (HVDC) transmission systems. Moreover, we address important aspects such as power system monitoring, protection, and control, the dynamic modelling of transmission and distribution systems, and advanced metering infrastructure (AMI) development. Emphasis is laid on the involvement of artificial intelligence (AI) techniques in optimised grid operation, voltage control, stability, and the system integration of lifetime energy resources such as islanding and hosting capacities. This paper reviews the key aspects of current advancements in grid technologies and their applications, enabling the identification of opportunities and challenges to be addressed toward achieving a modern, intelligent, and efficient power system infrastructure. It wraps up with a perspective on future research paths as well as a discussion of potential hybrid models that integrate AI and machine learning (ML) with distributed energy systems (DESs) to improve the grid's resilience and sustainability.