Smart Grid Technology, a reasonable move in modern Power System, assures coveted resiliency, consistency, and the utmost efficiency of the entire Grid System utilizing renewable energy sources such as solar, wind, geothermal, and ocean energy by integrating on-site generation strategies. Apart from its environmental aspect, the renewable energy based smart grid technology has a broad scope of research, application, and commerce. In this paper, an inclusive review is outlined on smart grid and its prospect in imminent future. Besides the conventional grid system, the architecture, function, pros, cons, and the environmental aspect of the smart grid technology are illustrated to describe this modern contrivance. After that, the growth and the market scenario of the renewable are shown for the different regions of the world. Finally, a prognosis of the smart grid technology is presented from the comprehensive study.