The development of the smart grid aims at integrating communication and networking technologies into the power grid. A high speed, secure communication network, as a part of the already existing electricity distribution infrastructure, is expected to upgrade its operation and offer a variety of applications and services to all involved entities in the power grid. The implementation of the smart grid where power delivery and communications technology converge into a unified environment will offer a prominent solution for green communications and efficient management of the power grid. Various issues of the smart grid concerning its architecture, services provision, interoperability, and standardization activities are investigated in this chapter. A description of the smart grid concept including a presentation of the offered capabilities such as automated metering and a brief description of its market and social aspects are provided. Furthermore, this work attempts mainly to summarize the current state of standardization activities conducted by industry, academia, and government. The development of standards is a key issue for the evolution of the smart grid and its realization. The development of the smart grid may provide a robust tool to address environmental sustainability, power grid operation, and telecommunication issues.