The smart grid is still evolving and its potential landscape is enormous. As a consequence, the level of complexity of the smart grid is unprecedented. This book aims to illustrate the highly anticipated opportunities and challenges of the evolving smart grid. It is essential to identify the scope and challenges of the smart grid in a comprehensive manner so as to ensure efficient delivery of sustainable, economic, and secure electricity supplies. The smart grid is the fusion of two core disciplines, the power grid and the communication networks. Therefore, the motivation behind the book is to bridge the gap between the research on power grid systems and on the wireless communication networks through the smart grid concept. In this vein, the book provides an overview of the smart grid and its key advances in architecture, distribution management, demand-side response and load balancing, smart automation, electric storage, power loss minimization, and security. The book further shows that many of the smart grid challenges can be formulated as trade-off problems of the utility operator and its customers. The book also demonstrates how such trade-off problems could be solved using state-of-the-art-optimization techniques such as game theory. Numerical results are also included in the book to show the effectiveness of the adopted approaches. We believe that the adopted approaches and the related findings will reveal useful insights for the design of smart grid and spur a new line of thinking for the performance evaluation of evolving smart grid systems.