The term "smart grid" refers to the transformation of the traditional electric power grid into a modern grid. Modernization of the present electric power system is an important step to implement the Smart Grid technology. The structure of the existing power sector in Bangladesh is almost a hundred years old. Due to which the power sector of Bangladesh facing huge power wastage. A Smart Grid also ensures the efficient transmission and distribution of electric power. This paper gives a brief description of Smart Grid, the latest trends, challenges, prospects, cost analysis of smart grid equipment, and its facility. The spotlight of this paper is to implement the Smart Grid's perspective to Bangladesh. That’s included to have new distributed generation technology, smart meter, a pilot project, etc. Also, the main objective of this paper is the comprehensive development of transmission and distribution loss reduction, which will be saving a big amount of capital every year. And that will play a huge role in the economy of Bangladesh to move forward in global progress.