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Energy storage is the process of storing previously generated energy for future usage in order to meet energy demands. The need for high-power density energy storage materials is growing across the board. The high ionic transport, superior electronic conductivity, rapid ion diffusion, high current tolerance, etc. are few among the numerous factors that can be considered the versatilities of nanomaterials. This makes the nanomaterials suitable for energy storage applications. According to the allied market research, the global nanotechnology in energy industry was estimated at $139.7 million in 2020 and is anticipated to hit $384.8 million by 2030, registering a compound annual growth rate (CAGR) of 10.7% from 2021 to 2030. The extraordinary and improved properties of carbon-based nanomaterials and their tunable surface chemistry authorize them to be used in design of competent high-energy and high-power energy storage devices. Recent research and future progress focus on effective usage of low-dimensional carbon-based nanomaterials for energy conversion and storage systems. In particular, versatile carbon nanomaterials with multifunctional capabilities have attracted incredible attention in different types of batteries, solar cells, fuel cells, supercapacitors, and other energy storage devices. Engineering the carbon-based nanomaterials with efficient energy storage and remarkable conversion ability embraces the promise of creating a new path for their future development. This article reviews the role of few carbon-based nanomaterials in efficiently increasing the competence and dependability of energy storage applications.