This paper provides a comprehensive review of the business schemes associated with Vehicle-to-Grid (V2G) technology, focusing on its feasibility and challenges in the electricity market. V2G technology, which allows electric vehicles (EVs) to act as energy storage devices, offers potential solutions to grid challenges such as peak-to-valley load differences and transformer overloading. The paper explores various business schemes, including peak-to-valley arbitrage, the spot market, demand-response (DR), frequency regulation, voltage regulation, spinning reserve, and black start. It also investigates real-world applications and case studies of V2G technology, highlighting its potential to enhance grid stability and provide economic benefits to EV owners, aggregators, and the power grid. However, the paper also identifies challenges, including technical issues such as communication complexity and battery degradation, as well as economic challenges like high fixed investment and uncertain market policies. Social challenges, such as privacy concerns and public awareness, are also discussed. The paper concludes that while V2G technology holds significant promise, further research and development are needed to address these challenges and realize its full potential in the electricity market.This paper provides a comprehensive review of the business schemes associated with Vehicle-to-Grid (V2G) technology, focusing on its feasibility and challenges in the electricity market. V2G technology, which allows electric vehicles (EVs) to act as energy storage devices, offers potential solutions to grid challenges such as peak-to-valley load differences and transformer overloading. The paper explores various business schemes, including peak-to-valley arbitrage, the spot market, demand-response (DR), frequency regulation, voltage regulation, spinning reserve, and black start. It also investigates real-world applications and case studies of V2G technology, highlighting its potential to enhance grid stability and provide economic benefits to EV owners, aggregators, and the power grid. However, the paper also identifies challenges, including technical issues such as communication complexity and battery degradation, as well as economic challenges like high fixed investment and uncertain market policies. Social challenges, such as privacy concerns and public awareness, are also discussed. The paper concludes that while V2G technology holds significant promise, further research and development are needed to address these challenges and realize its full potential in the electricity market.