Electric vehicles (EVs) have emerged as sustainable alternatives to internal combustion engine vehicles (ICEVs) owing to their superior energy efficiency and environmental benefits. However, the transition from ICEVs to EVs introduces significant changes in terms of tribological aspects, primarily owing to their fundamental difference in power sources. Unlike ICEVs, where lubrication mainly focuses on reducing friction and wear, EV lubricants need to meet a broader set of requirements, including lower viscosity, higher viscosity index, electrical compatibility, effective thermal management, noise reduction, and polymeric material compatibility. These unique demands necessitate careful selection of both base oils and additives. Synthetic polyalphaolefins (PAOs) are the most suitable base oils for EV applications owing to their excellent thermal stability, low viscosity variation across temperatures, and compatibility with electrical components. Additionally, the inclusion of 2D layered nanomaterials as nanoadditives enhances the lubrication performance by improving heat dissipation, wear resistance, and the overall efficiency of EV system. Unlike conventional mineral oil-based lubricants used in ICEVs, EV lubrication requires advanced formulations to adapt to the unique operational conditions of electric powertrains. This evolution in tribology signifies a paradigm shift in lubrication, driving innovation to meet the specific challenges of EV technology.