Currently, a smart city is an emerging field in urban cities to improve the quality of life through information and communication technology (ICT). In general, the traditional solid waste management (SWM) approach taken by municipal authorities for waste collection in urban areas must be enhanced to achieve the green and smart city goals. This article is primarily focused on the progress of ICT technologies in solid waste management. With that aim, a thorough analysis is carried out in the article, and from the analysis, we have identified distinct ICT technologies that have been implemented in SWM. The function, application, and limitations of each technology are presented in the article. From the review, it is concluded that the implementation of the Internet of Things (IoT) plays a significant role in minimizing the negative impact of waste on the environment. It is also identified that selection of the appropriate wireless communication protocol is critical during the implementation of IoT-based system because the sensor node at the bins is battery-powered. In addition, it is analysed that blockchain technology plays an essential role in realizing the waste–money model, as this model includes transactions between users and recyclers. Finally, in this article, we propose that the waste-to-money model, local network and gateway architecture, vision node, and customized prototype improve solid waste management system in terms of communication, energy consumption, and real-time monitoring.