Thermal energy storage (TES) is recognized as a well-established technology added to the smart energy systems to support the immediate increase in energy demand, flatten the rapid supply-side changes, and reduce energy costs through an efficient and sustainable integration. On the utilization side, low-temperature heating (LTH) and high-temperature cooling (HTC) systems have grown popular because of their excellent performance in terms of energy efficiency, cost-effectiveness, and ease of integration with renewable resources. This article presents the current state-of-the-art regarding the smart design of TES integrated with LTH and HTC systems. TES is first explained in basic concepts, classification, and design possibilities. Secondly, the literature on well-known existing control approaches, strategies, and optimization methods applied to thermal energy storage is reviewed. Thirdly, the specifications, types, benefits, and drawbacks of the LTH and HTC systems from the viewpoints of supply and demand sides are discussed. Fourthly, the smart design of TES integrated with the LTH and HTC systems based on the control approach/strategy, optimization method, building type, and energy supplier is investigated to find the newest technology, ideas, and features and detect the existing gaps. The present article will provide a realistically feasible solution for having a smart storage configuration with the maximum possible energy efficiency, reliability, and cost-effectiveness for the building owners and the energy suppliers.