Effective thermal management is a critical challenge in electric vehicles (EVs), influencing the efficiency, reliability, and lifespan of key components such as electric drive motors, inverters, and reducers. This comprehensive review systematically evaluates advanced cooling technologies for EV powertrains, providing a comparative analysis of traditional and emerging solutions. Novel insights are presented on the integration of innovative materials, such as nanofluids and phase‐change materials, and the application of artificial intelligence (AI) for dynamic thermal optimization. The study highlights the enhanced cooling performance achieved through hybrid approaches that synergize liquid and air‐cooling methods. Additionally, the review introduces the transformative potential of AI‐driven systems in optimizing cooling efficiency, predicting thermal loads, and detecting faults in real time. The novelty of this work lies in its focus on the holistic thermal management of multiple EV components, bridging the gap in current literature by addressing the interplay of cooling strategies across the entire powertrain. This analysis underscores the need for continued innovation in thermal management to meet the growing demands of EV technology and sustainability goals.