The primary issue in electric vehicle development is the elevated cost of batteries, a significant determinant of production expenses. Electric vehicle batteries possess a finite lifespan and become unsuitable for vehicular requirements once specific conditions are fulfilled. The battery requires replacement. These utilized batteries retain capacity and are suitable for a variety of alternative applications. This creates new market opportunities in second-life applications as a sustainable solution, particularly in the areas of energy management and integration with smart grids. Notwithstanding this potential, the relatively extended battery life means that business models for second-life applications remain in the early phase of development. Various elements affect this evolution, such as technological preparedness, legal frameworks, and market support. Enhancing the utilization of electric vehicle batteries offers sustainable commercial opportunities, requiring collaboration among diverse entities while considering the interests of every party involved and their impact on the environment and society. This study performed a literature analysis to identify essential activities, principal actors and their responsibilities, and challenges encountered in the second-life application ecosystem of electric vehicle batteries. The review's findings suggest that the effectiveness of battery reuse necessitates meticulous collaboration among battery producers, automobile firms, energy service providers, consumers, and governmental entities. The challenges encountered encompassed safety standards, economic efficiency, consumer acceptance, and regulatory support. This study's findings offer significant insights for the business sector, policymakers, and stakeholders, indicating that the establishment of an ecosystem facilitating the second life of electric vehicle batteries necessitates cross-sector collaboration and innovative business models to optimize economic and environmental benefits. © 2025 IEEE.