Supercapacitors have emerged as a promising energy storage technology due to their high‐power density, fast charging/discharging capabilities, and long cycle life. Moreover, innovative electrode materials are extensively explored to enhance the performance, mainly the energy density of supercapacitors. Among the two‐dimensional (2D) supercapacitor electrodes, borocarbonitride (BCN) has sparked widespread curiosity owing to its exceptional tunable properties concerning the change in concentration of the constituent elements, along with an excellent alternative to graphene‐based electrodes. BCN, an advanced nanomaterial, possesses excellent electrical conductivity, chemical stability, and a large specific surface area. These factors contribute to supercapacitors' overall performance and reliability, making them a viable option to address the energy crisis. This review provides a detailed survey of BCN, its structural, electronic, chemical, magnetic, and mechanical properties, advanced synthesis methods, factors affecting the charge storage mechanism, and recent advances in BCN‐based supercapacitor electrodes. The review embarks on the scrupulous elaboration of ways to enhance the electrochemical properties of BCN through various innovative strategies followed by critical challenges and future perspectives. BCN, as an eminent electrode material, holds great potential to revolutionize the energy landscape and support the growing energy demands of the future.