Multi-agent-based smart grid applications have gained much attention in recent times. At the same time, information and communication technology (ICT) has become a crucial part of the smart grid infrastructure. The key intention of this work is to present a comprehensive review of the literature and technological frameworks for the application of multi-agent system (MAS) and ICT infrastructure usages in smart grid implementations. In the smart grid, agents are defined as intelligent entities with the ability to take decisions and acting flexibly and autonomously according to their built-in intelligence utilizing previous experiences. Whereas, ICT enables conventional grid turned into the smart grid through data and information exchange. This paper summarizes the multi-agent concept of smart grid highlighting their applications through a detailed and extensive literature survey on the related topics. In addition to the above, a particular focus has been put on the ICT standards, including IEC 61850 incorporating ICT with MAS. Finally, a laboratory framework concepts have been added highlighting the implementation of IEC 61850.