Abstract—Smart Electrified Traction Systems (SETS) may play a pivotal role towards the decarbonization of the transport sector and the integration of renewable energy sources. For this reason, the paper proposes an up-to-date state of the art review of the main configurations, operational schemes and flexible assets forming these networks. Also, the intrinsic flexibility of these tractions systems calls for the optimal management of the assets in order to minimize the operational costs. This paper also reviews the main formulations of customized optimal power flow problems, which incorporate the intrinsic features of these networks. The critical analysis focuses on the reformulation techniques or algorithms adopted to overcome non-linear and non-convex constraints, typical of optimal power flow problems.