Regenerative braking systems are a significant technology in contemporary electric traction which has greatly contributed to energy saving and sustainability in both the electric vehicles and rail systems. In comparison with the traditional friction braking, regenerative braking allows converting the kinetic energy of a vehicle into electrical energy which may be stored and reused and thus lowers the total energy consumption and emissions. The current paper contains a review of the regenerative braking systems and concentrates on the system design, energy storage technologies, and sophisticated control strategies, which are conducted on the basis of recent scholarly research. The special attention is devoted to hybrid types of energy storage systems that combine batteries and supercapacitors to enhance the energy recovery rate and reliability of the system. In addition, there is an analysis of modern methods of control, as the game theory-based optimization and reinforcement learning methods like Q-learning, which can be used to balance the braking performance, safety, and energy recuperation, under different operating conditions. Other applications in the electric traction systems have also been mentioned in the study, showing that there is a great enhancement in efficiency and performance of the operation. Altogether, the regenerative braking is found to be an essential part of the development of the sustainable and effective electric transport systems.