SummaryThe present scenario witnesses “the second quantum revolution,” which has enabled the development of revolutionary novel quantum tools. Quantum computing endeavors to establish higher computing standards that can potentially solve complex structures. Post‐quantum cryptography (PQC) has emerged as one of the new domains of cryptography, which is resilient to quantum attacks owing to the revolution in quantum computing. To ensure quantum security, the lattice‐based cryptosystem (LB‐cryptosystem) is one of the promising tools of PQC to address quantum‐based threats. The traditional security algorithms, such as RSA and Diffie–Hellman (DH), are strong enough to resist present security threats. However, it has been predicted that quantum technologies have the capability to break the security of most traditional algorithms whose security is based on prime factorization and DH‐type hard problems. Therefore, research is currently focused on addressing the security and privacy threats by using LB‐cryptosystems to secure various applications, organizations' data, and information infrastructure in the quantum era. The purpose of this article is to investigate recent advances in LB‐cryptosystems that may allow the design of secure models for smart‐grid networks (SGNs) against existing and future quantum attacks. SGNs have been explored as the bi‐directional assimilation of communication in terms of electricity generation, transmission, allocation, and utilization. This survey provides a comprehensive overview of LB‐cryptosystems, as well as their potential applications in securing SGNs. Lastly, the article summarizes the various PQC primitives, NIST selected algorithms, open‐source tools along with their packages, and various PQC industrial initiatives, and also compares traditional cryptographic schemes with other PQC.