Radio frequency identification (RFID) and wireless sensors networks (WSNs) are two fundamental pillars that enable the Internet of Things (IoT). RFID systems are able to identify and track devices, whilst WSNs cooperate to gather and provide information from interconnected sensors. This involves challenges, for example, in transforming RFID systems with identification capabilities into sensing and computational platforms, as well as considering them as architectures of wirelessly connected sensing tags. This, together with the latest advances in WSNs and with the integration of both technologies, has resulted in the opportunity to develop novel IoT applications. This paper presents a review of these two technologies and the obstacles and challenges that need to be overcome. Some of these challenges are the efficiency of the energy harvesting, communication interference, fault tolerance, higher capacities to handling data processing, cost feasibility, and an appropriate integration of these factors. Additionally, two emerging trends in IoT are reviewed: the combination of RFID and WSNs in order to exploit their advantages and complement their limitations, and wearable sensors, which enable new promising IoT applications.