In this paper, key technologies, system proposals and future directions of next generation passive optical networks stage 2 (NG-PON2) are reviewed. We first discuss the potential solutions for NG-PON2 standardization. Then we focus on time and wavelength division multiplexed PON (TWDM-PON), which is the primary solution selected by Full Service Access Network (FSAN). The key technologies in TWDM-PON configuration are analyzed, including how to improve the bandwidth capacity and power budget of the system, and choose upstream tunable transceiver, etc. Several system proposals are illustrated as candidates for NG-PON2 configuration.