Due to their unique layered microstructure, the presence of various functional groups at the surface, earth abundance, and attractive electrical, optical, and thermal properties, MXenes are considered promising candidates for the solution of energy- and environmental-related problems. It is seen that the energy conversion and storage capacity of MXenes can be enhanced by changing the material dimensions, chemical composition, structure, and surface chemistry. Hence, it is also essential to understand how one can easily improve the structure–property relationship from an applied point of view. In the current review, we reviewed the fabrication, properties, and potential applications of MXenes. In addition, various properties of MXenes such as structural, optical, electrical, thermal, chemical, and mechanical have been discussed. Furthermore, the potential applications of MXenes in the areas of photocatalysis, electrocatalysis, nitrogen fixation, gas sensing, cancer therapy, and supercapacitors have also been outlooked. Based on the reported works, it could easily be observed that the properties and applications of MXenes can be further enhanced by applying various modification and functionalization approaches. This review also emphasizes the recent developments and future perspectives of MXenes-based composite materials, which will greatly help scientists working in the fields of academia and material science.