The vehicle-to-everything technology could help to balance demand and supply of renewable energy while moving towards low carbon mobility. The concept of V2X is a technology enables energy to be forwarded from electric vehicle batteries to the grid or building. Currently, several countries such as the United States, the United Kingdom, the Netherlands, Denmark and Japan are actively supporting pilot projects in this area. There are promising business opportunities in V2X, but there is commercialization gap from laboratory to market. Issues including the lack of standards, few compatible devices, ambiguous market and regulations, and consumer concerns have yet to be resolved. This paper firstly explains the impact of V2X on the power grid, then analyzes the V2X applications and its industrial trend, and finally summarizes the development challenges of the V2X.