Electric vehicle (EV) technology has matured over time, improving in some performance areas against traditional internal combustion engine (ICE) vehicles. Despite advancement, there is considerable opportunities for further improvements, particularly in the broader field of lubrication, including areas like grease. As in any mechanical system, greases and lubricants play a significant role in the component life of EV power plants and drivetrains. Moreover, they can significantly contribute to vehicle efficiency, energy savings, and overall driving experience. Since the lubricants in EVs work under harsh thermal and electrical environments, designing an ideal high performance and stable lubricant can be challenging. This paper evaluates the industry's progress on EV lubrication including analyzing existing lithium-based lubricants and spotlighting advanced material additives such as graphene, boron nitride, or cutting-edge ionic liquids. It also discusses optimizing base stock selection, with a focus on Polyalphaolefin (PAO) molecules and designing various additives to enhance the lubricant's performance, targeting EV applications. The paper concludes by exploring the development of nanotechnology and advanced biotechnology for water-based lubricants, promoting efficient lubrication in the electric vehicle sector.