Two-way seamless communication is the key aspect of realizing the vision of smart grid. Currently, several smart grid standardization efforts are underway in US and Europe. National Institute of Standard and Technology (NIST) has prioritized several process of standardization and harmonization of existing standards with the new developments. Power system protection, control and monitoring (PCM) are one of the most time critical applications for power utilities in the smart grid environment. This paper present review of available standards for PCM and discusses their applications and current developments. Moreover, the paper also highlights the challenges related to smart grid standardization in brief.