Transmission and distribution (T&D) networks are a critical part of the power grid. As moving towards a smart-grid, it is essential to modernize the T&D networks and make it "Smart-grid ready". The concept of flexible ac transmission systems (FACTS) has been well-known for three decades. Rapid advancements in power electronics technology in the past decades have led to a new generation of FACTS devices. The Modern FACTS technology helps the transition of transmission networks to "smart". With increasing penetration of distributed generation, the distribution network is seeing unprecedented variation in terms of its fundamental operation and control, from renewable energy integration to microgrid, from active control of power quality, volt/var and frequency to self-healing and islanding operation. As a key part of smart-grid at the distribution level, we summarize the current efforts as a concept of resilient ac distribution systems (RACDS). The concepts of both FACTS and RACDS for a smart grid are introduced in this paper. Different configurations, key benefits, operating principles and world-wide installations of FACTS and RACDS devices are presented in detail. The ongoing and future direction of R&D leading to newer generations of FACTS and RACDS are also discussed.