Energy storage is one of the challenges currently confronting the energy sector. However, the invention of supercapacitors has transformed the sector. This modern technology’s high energy capacity, reliable supply with minimal lag time, and extended lifetime of supercapacitors have piqued the interest of scientists, and several investigations have been conducted to improve their development. However, there is room for improvement. Consequently, this review presents an up-to-date investigation of different supercapacitor technologies’ components, operating techniques, potential applications, technical difficulties, benefits, and drawbacks. In addition, it thoroughly highlights the active materials used to produce supercapacitors. The significance of incorporating every component (electrode and electrolyte), their synthesis approach, and their electrochemical characteristics are outlined. The research further examines supercapacitors’ potential in the next era of energy technology. Finally, concerns and new research prospects in hybrid supercapacitor-based energy applications that are envisaged to result in the development of ground-breaking devices, are highlighted.