The Internet of Things (IoT) is the widely accepted technology that connect everyday objects to the internet for providing ease and various functionalities and the Smart Grid (SG) is defined as the power grid integrated with a large network of ICT. The SG is the combination of billions of smart objects: smart appliances, smart meters, actuators and sensors etc. This paper analyse the various accepted application requirements of Internet of Things deployed in Smart Grid and provides an effective proposal about diverse technologies and standards and of Smart Grid and it also provides an overview about several applications and driving factors of Smart Grid.