The global issue of climate change caused by humans and its inextricable linkage to our present and future energy demand presents the biggest challenge facing our globe. Hydrogen has been introduced as a new renewable energy resource. It is envisaged to be a crucial vector in the vast low-carbon transition to mitigate climate change, minimize oil reliance, reinforce energy security, solve the intermittency of renewable energy resources, and ameliorate energy performance in the transportation sector by using it in energy storage, energy generation, and transport sectors. Many technologies have been developed to generate hydrogen. The current paper presents a review of the current and developing technologies to produce hydrogen from fossil fuels and alternative resources like water and biomass. The results showed that reformation and gasification are the most mature and used technologies. However, the weaknesses of these technologies include high energy consumption and high carbon emissions. Thermochemical water splitting, biohydrogen, and photo-electrolysis are long-term and clean technologies, but they require more technical development and cost reduction to implement reformation technologies efficiently and on a large scale. A combination of water electrolysis with renewable energy resources is an ecofriendly method. Since hydrogen is viewed as a considerable game-changer for future fuels, this paper also highlights the challenges facing hydrogen generation. Moreover, an economic analysis of the technologies used to generate hydrogen is carried out in this study.