Energy is a vital requirement for today's socio-economic welfare and development. But due to the continuous increase of the demand the conventional energy resources are depleting day by day and on the verge of extinction. Hence more renewable generation units are emphasised to integrate to the power network to supply the required demand. This incorporation of the distributed generation into the distributed network has the advantages of controllability, flexibility and tremendous potential if it can be exploited properly. However, due to their intermittent and unpredictable nature, there is a need for energy storages to ensure continuous operations, i.e., to meet the load all the time. There are many possible options for energy storage, but the most popular and technologically sound option is battery storage. Along with this battery storage system (BSS), a power conditioning system (PCS) has to be connected for generation of both active and reactive power from the BSS which in turn increases the overall installation cost of BSS. Moreover, the energy storage cost is a function of the storage device power, energy capacities and their specific costs depending on the chosen technology of optimization. Thus, profit from those renewable energy producers have to be maximized, and losses are to be minimized by using dynamic optimization techniques. But along with the advantages there comes the complexities due to the inclusion of distributed generation and the additional energy storages in the power system network. Moreover, it is highly critical to operate the vast system optimally. Hence there are lots of research had been done or are in process for finding the proper approach of optimization of the system. This paper presents a review of the current state of the optimization methods applied to renewable and sustainable energy source embedded with the Energy storage for maximization of the revenue obtained from the power trading to the network.