In this modern era, the smart grid (SG) is progressively empowered for direct current (DC) power transmission, either at high voltage (HV) or at medium voltage (MV). The high voltage direct current (HVDC) transmission systems have a significant impact on the SG operation even though the integration of add-on green and renewable-based power generation (RPG). In this RPG era, the application of HVDC can be seen in the grid-connected remote offshore wind or photovoltaic (PV) based large RPG, and interconnections amongst the states or countries. In such a context, a smart grid inevitably is ridden with technical complexities (both control and protection viewpoints), and thus signals processing (SP) techniques along with artificial intelligence (AI) methods are considered very much important to understand, effectively plan, draw up plans, and drive the multifaceted electric power system. This paper presents an extensive review of HVDC network protection systems with special attention to SP and AI applications. This paper presents an extensive review of the suggested techniques in the past three decades and discussed the pros and cons of each method. Apart from that critical findings are discussed and analyzed along with the future scope of research toward the development of HVDC protection. This review tries to focus on the gap between the existing protection schemes and topology with the smart grid-based power system perspective and convey to the power engineers and researchers the possibilities of further research as a solution to the associated issues and challenges.