Lithium ion capacitor (LIC) is a promising energy storage system that can simultaneously provide high energy with high rate (high power). Generally, LIC is fabricated using capacitive cathode (activated carbon, AC) and insertion‐type anode (graphite) with Li‐ion based organic electrolyte. However, the limited specific capacities of both anode and cathode materials limit the performance of LIC, in particular energy density. In this context, we have developed “two in one” synthetic approach to engineer both cathode and anode from single precursor for high performance LIC. Firstly, we have engineered a low cost 1D polypyrrole nanopipes (PPy‐NPipes), which was utilized as cathode material and delivered a maximum specific capacity of 126 mAh/g, far higher than that of conventional AC cathodes (35 mAh/g). Later, N doped carbon nanopipes (N‐CNPipes) was derived from direct carbonization of PPy‐NPipes and successfully applied as anode material in LIC. Thus, a full LIC was fabricated using both pseudo‐capacitive cathode (PPy‐NPipes) and anode (N‐CNPipes) materials, respectively. The cell delivered a remarkable specific energy of 107 Wh/kg with maximum specific power of 10 kW/kg and good capacity retention of 93 % over 2000 cycles. Thus, this work provide a new approach of utilization of nanostructured conducting polymers as a promising pseudocapacitive cathode for high performance energy storage systems.