Advances in sensing, communication and computing have potential to refine, or even redefine the conception and implementation of Power System Protection. Increased computing power at low cost has provided opportunities to implement more computation-intensive methods/algorithms in real time. Phasor Measurement Units (PMUs) providing faster and diverse synchronized measurements over a wide area, with new communication options arepart of the emerging technology. These advances can be the potential enablers of new paradigms in Protection. At the same time, penetration of widespread current-limited renewable resources has disrupted some fundamental assumptions on which protection has been designed over the years. This talk will provide an overview of the state of the art and review challenges, promises, and conception of the changing protection paradigm in smart grid.