In this study, a significant literature review on peak load shaving strategies has been presented. The impact of three major strategies for peak load shaving, namely demand side management (DSM), integration of energy storage system (ESS), and integration of electric vehicle (EV) to the grid has been discussed in detail. Discussion on possible challenges and future research directions for each type of the strategy has also been included in this review. For the energy storage system, different technologies used for peak load shaving purpose, which include their methods of operation and control have been elaborated further. Finally, the sizing of the ESS storage system is discussed. For the demand side management system, various management methods and challenges associated with DSM implementation have been thoroughly explained. A detailed discussion on the electric vehicle strategy has also been included in the review, which considers the integration, control and operation techniques for implementing the peak load shaving. © 2017 Elsevier Ltd