In the quest for sustainable and efficient energy utilization, the development of advanced power management systems (PMS) has become paramount in both electrical and control systems. This review paper explores the contemporary strategies and technologies employed in efficient power management, with a focus on optimizing energy usage, enhancing system reliability, and reducing operational costs. The study delves into various components of power management, including smart grids, renewable energy integration, demand-side management, and advanced control algorithms. Emphasis is placed on the role of intelligent systems and IoT in enabling real-time monitoring and adaptive control, which are critical for achieving energy efficiency. Furthermore, the review addresses the challenges and future prospects in the field, highlighting the need for innovative solutions to meet the growing energy demands while minimizing environmental impact. Through an extensive examination of recent advancements and case studies, this paper aims to provide a comprehensive understanding of the efficient power management systems and their pivotal role in modern electrical and control systems.