Vehicle-to-Vehicle (V2V) communication systems have an eminence potential to improve road safety and optimize traffic flow by broadcasting Basic Safety Messages (BSMs). Dedicated Short-Range Communication (DSRC) and LTE Vehicle-to-Everything (V2X) are two candidate technologies to enable V2V communication. DSRC relies on the IEEE 802.11p standard for its PHY and MAC layer while LTE-V2X is based on 3GPP’s Release 14 and operates in a distributed manner in the absence of cellular infrastructure. There has been considerable debate over the relative advantages and disadvantages of DSRC and LTE-V2X, aiming to answer the fundamental question of which technology is most effective in real-world scenarios for various road safety and traffic efficiency applications. In this paper, we present a comprehensive survey of these two technologies (i.e., DSRC and LTE-V2X) and related works. More specifically, we study the PHY and MAC layer of both technologies in the survey study and compare the PHY layer performance using a variety of field tests. First, we provide a summary of each technology and highlight the limitations of each in supporting V2X applications. Then, we examine their performance based on different metrics.