Generally, system availability for an aging electric power system infrastructure diminishes in the absence of modernization and maintenance activities. The degradation of power system infrastructure has made the prioritization of these schemes a more complex problem when it is coupled with the limited resources and growing backlog of needs as two other problematic items. By increasing the number of capable technologies as well as penetration of the stochastic producers in the energy production process, the current structure of the energy networks and existing techniques utilized for solving this problem lacks a topological aspect, holistic approach, and sufficient potential. Hence, the great need is felt for adopting innovative technologies and intelligent systems in the context of modern networks. In order to effectively fill these key gaps, this chapter is aimed at analyzing the modernization of the future multi-carrier energy networks from various aspects, including energy generation, storage, and management systems. In this respect, technical and theoretical requirements are discussed from the different viewpoints for the grid modernization due to the growing trend of energy consumption and the presence of various participants with different goals and strategies in the hybrid network.