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The Internet of Things (IoT) has risen from ubiquitous computing to the Internet itself. Internet of vehicles (IoV) is the next emerging trend in IoT. We can build intelligent transportation systems (ITS) using IoV. However, overheads are imposed on IoV network due to a massive quantity of information being transferred from the devices connected in IoV. One such overhead is the network connection between the units of an IoV. To make an efficient ITS using IoV, optimization of network connectivity is required. A survey on network optimization in IoT and IoV is presented in this study. It also highlights the backdrop of IoT and IoV. This includes the applications, such as ITS with comparison to different advancements, optimization of the network, IoT discussions, along with categorization of algorithms. Some of the simulation tools are also explained which will help the research community to use those tools for pursuing research in IoV.