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The storage of CO2 and hydrogen within depleted gas and oil reservoirs holds immense potential for mitigating greenhouse gas emissions and advancing renewable energy initiatives. However, achieving effective storage necessitates a thorough comprehension of the dynamic interplay between interfacial tension and wettability alteration under varying conditions. This comprehensive review investigates the multifaceted influence of several critical parameters on the alterations of IFT and wettability during the injection and storage of CO2 and hydrogen. Through a meticulous analysis of pressure, temperature, treatment duration, pH levels, the presence of nanoparticles, organic acids, anionic surfactants, and rock characteristics, this review elucidates the intricate mechanisms governing the changes in IFT and wettability within reservoir environments. By synthesizing recent experimental and theoretical advancements, this review aims to provide a holistic understanding of the processes underlying IFT and wettability alteration, thereby facilitating the optimization of storage efficiency and the long-term viability of depleted reservoirs as carbon capture and storage or hydrogen storage solutions. The insights gleaned from this analysis offer invaluable guidance for researchers, engineers, and policymakers engaged in harnessing the potential of depleted reservoirs for sustainable energy solutions and environmental conservation. This synthesis of knowledge serves as a foundational resource for future research endeavors aimed at enhancing the efficacy and reliability of CO2 and hydrogen storage in depleted reservoirs. [ABSTRACT FROM AUTHOR]