Battery Swapping Station (BSS) proposes an alternative way of refueling Electric Vehicles (EVs) that can lead towards a sustainable transportation ecosystem. BSS has significant potential to function as a grid scale energy storage. This paper provides a broad review of relation of BSS with EVs and power grid. Distinct operations of BSS such as presently available swapping techniques, life of BSS batteries, and location selection of BSS are reviewed. Further, research related to grid integrated BSS in terms of battery charging strategies, energy management of BSS, and renewable energy integration with BSS is discussed. In addition, various optimization strategies of BSSs are outlined and scheduling of EVs and BSS i.e., Battery to Grid (B2G), Grid to Battery (G2B), Battery to Battery (B2B) are also discussed. The paper also presents case studies of currently operating BSSs to recognize it's commercialization along with early failure stories. Finally, Challenges associated with BSS, present trends and advancements are discussed. BSS can be a promising technology for the EV proliferation.