Current climate challenges and energy concerns have urged scientists, researchers, and governments to take action in order to reduce carbon footprint and energy consumption. Considering the growing need for energy supplies, the reliability and sustainability of power plants are another area of concern for communities. Since building is among the major consumers of electricity (almost 40%), the energy management strategies have been substantially focused on demand side management and building operation system. Energy efficiency, peak-load management, and demand response are among the most outstanding and widespread practices in order to reduce building energy consumption and peak demand. Smart grids and smart meters are considerably gaining the attention of policy makers in most developed and developing countries. This paper will revolve around these outstanding energy management strategies and technologies and their merits and drawbacks in the journey of current communities towards sustainability.