In order to reduce greenhouse gas emissions, current and future energy systems need to be made more efficient and sustainable. This change can be accomplished by increasing the penetration of renewable energy sources and using efficient technologies in energy generation systems. One way to improve the operation of the whole energy system is through the generation and end-use sector coupling. Power-to-heat energy conversion and storage technologies, in this view, are enabling technologies that can help in balancing and improving the efficiency of both thermal and electric grids. In the present paper, a comprehensive analysis of the role of heat pumps and thermal energy storage for sector coupling is presented. The main features of the analyzed technologies are presented in the context of smart electric grid, district heating and cooling and multi-carrier energy systems, and recent findings and developments are highlighted. Finally, the technical, social, and economic challenges in the adoption of investigated technologies are discussed.