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As technology continues to evolve, our society is becoming enriched with more intelligent devices that help us perform our daily activities more efficiently and effectively. One of the most significant technological advancements of our time is the Internet of Things (IoT), which interconnects various smart devices (such as smart mobiles, intelligent refrigerators, smartwatches, smart fire alarms, smart door locks, and many more) allowing them to communicate with each other and exchange data seamlessly. We now use IoT technology to carry out our daily activities, for example, transportation. In particular, the field of smart transportation has intrigued researchers due to its potential to revolutionize the way we move people and goods. IoT provides drivers in a smart city with many benefits, including traffic management, improved logistics, efficient parking systems, and enhanced safety measures. Smart transportation is the integration of all these benefits into applications for transportation systems. However, as a way of further improving the benefits provided by smart transportation, other technologies have been explored, such as machine learning, big data, and distributed ledgers. Some examples of their application are the optimization of routes, parking, street lighting, accident prevention, detection of abnormal traffic conditions, and maintenance of roads. In this paper, we aim to provide a detailed understanding of the developments in the applications mentioned earlier and examine current researches that base their applications on these sectors. We aim to conduct a self-contained review of the different technologies used in smart transportation today and their respective challenges. Our methodology encompassed identifying and screening articles on smart transportation technologies and its applications. To identify articles addressing our topic of review, we searched for articles in the four significant databases: IEEE Xplore, ACM Digital Library, Science Direct, and Springer. Consequently, we examined the communication mechanisms, architectures, and frameworks that enable these smart transportation applications and systems. We also explored the communication protocols enabling smart transportation, including Wi-Fi, Bluetooth, and cellular networks, and how they contribute to seamless data exchange. We delved into the different architectures and frameworks used in smart transportation, including cloud computing, edge computing, and fog computing. Lastly, we outlined current challenges in the smart transportation field and suggested potential future research directions. We will examine data privacy and security issues, network scalability, and interoperability between different IoT devices.