This review examines the reliability challenges faced by the Texas power grid, particularly during extreme weather events such as the February 2021 winter storm. The analysis identifies key technical shortcomings, including inadequate weatherization, limited reserve margins, and insufficient grid interconnection, as well as policy gaps that prioritize cost efficiency over reliability. Using a modeling approach, resilience strategies such as weatherization of critical infrastructure, expansion of reserve margins, enhancement of grid interconnection, and integration of energy storage and demand response programs were assessed for their impact on grid reliability. Cost-benefit analysis, sensitivity analysis, economic trade-offs, and implementation challenges were also evaluated. The results indicate that weatherization and grid interconnection are the most effective short-term and long-term strategies, respectively in reducing energy deficits and preventing outages. Reserve margin expansion is an effective mid-term strategy to complement weatherization. While energy storage and demand response programs offer additional flexibility but have less impact on long-term reliability. The study concludes that an integrated approach combining multiple strategies is essential for improving grid resilience and ensuring reliability during extreme weather events. Future research should focus on optimizing these strategies and exploring the long-term policy and economic implications of implementing these measures.