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This study conducts a thorough review of fuel cell technology, including types, economy, applications, and V2G scheme. Fuel cells have been considered for diverse applications, namely, electric vehicles, specialty vehicles such as warehouse forklifts, public transportation including buses, trains, and ferries. Other applications include grid-related, stationary, and portable applications. Among available five types of fuel cells, PEMFC is presently the optimal choice for electric vehicle usage due to its low operating temperature and durability. Meanwhile, high temperature fuel cells such as MCFC and SOFC currently remain the best choice for utility and grid related applications. The economy of fuel cells has been continuously improving and has been illustrated to only grow into a potential main source of sustainable energy soon. With the transportation sector, as fuel cell electric vehicles evolve, V2G technology is beneficial towards energy efficiency and fuel cell economy. There is evidence for V2G using FCEV being more advantageous in comparison to conventional BEVs. The costs of the five types of fuel cell vary from US$1784 to US$4500 per kW capacity. The findings are beneficial for researchers and industry professionals who wish to gain comprehensive understanding of fuel cells for adoption and development of the emerging low-emission energy solutions.