Although the impact of integrating solar and wind sources into the power system has been studied in the past, the chaos caused by wind and solar energy generation has not yet had broader mitigation solutions notwithstanding their rapid deployment. Many research efforts in using prediction models have developed real-time monitoring of variability and machine learning predictive algorithms in contrast to the conventional methods of studying variability. This study focused on the causes and types of variability, challenges, and mitigation strategies used to minimize variability in grids worldwide. A summary of the top ten cases of countries that have successfully managed variability in their electrical power grids has been presented. Review shows that most of the success cases embraced advanced energy storage, grid upgrading, and flexible energy mix as key technological and economic strategies. A seven-point conceptual framework involving all energy stakeholders for managing variability in power system networks and increasing variable renewable energy (VRE)-grid integration has been proposed. Long-duration energy storage, virtual power plants (VPPs), smart grid infrastructure, cross-border interconnection, power-to-X, and grid flexibility are the key takeaways in achieving a reliable, resilient, and stable grid. This review provides a useful summary of up-to-date research information for researchers and industries investing in a renewable energy-intensive grid.