In recent years, the VANETs have offered numerous benefits to the smart transportation system by permitting intelligent vehicular communication. The VANETs raise various challenges, and security is the major concern among different VANET challenges. The fundamental VANET security requirements of VANETs are authentication, integrity, non-reputation, and data confidentiality. Unlike security, the privacy need mainly depends on the type of environment of different countries. Various countries necessitate various privacy requirements. Some of the VANET privacy requirements are conditional privacy, anonymity, minimum disclosure, confidentiality, and unlinkability. To achieve optimized VANET performance, it is very crucial to satisfy the security and privacy requirement during VANET deployment and communication establishment.