The ever-increasing trend of renewable energy sources (RES) in energy systems of various levels has increased uncertainty in their operation and management. The vulnerability of RES to unforeseen changes in meteorological conditions requires additional resources to support, which are energy storage systems (ESS). However, existing ETSs have limited capacity to meet all the requirements of a modern enterprise energy system. Thus, the hybridization of multiple ETSs to form a composite ETS is a potential solution to this problem. As a flexible energy source, energy storage has many potential applications for integration into renewable energy generation, transmission and distribution networks. This paper analyzes the prospects for hybrid energy storage applications and summarizes the latest experience in terms of the maturity of these technologies, efficiency, scale, lifetime, cost and applications, taking into account their impact on the entire power system, including generation, transmission, distribution and utilization. The challenges of large-scale applications of energy storage in power systems are presented in terms of technical and economic considerations.