In recent years, hydrogen has been considered a promising energy carrier for a sustainable energy economy in the future. An easy solution for the safer storage of hydrogen is challenging and efficient methods are still being explored in this direction. Despite having some progress in this area, no cost‐effective and easily applicable solutions that fulfill the requirements of industry are yet to be claimed. Currently, the storage of hydrogen is largely limited to high‐pressure compression and liquefaction or in the form of metal hydrides. Formic acid is a good source of hydrogen that also generates CO2 along with hydrogen on decomposition. Moreover, the hydrogenation of CO2 is thermodynamically unfavorable and requires high energy input. Alkali metal formates are alternative mild and noncorrosive sources of hydrogen. On decomposition, these metal formates release hydrogen and generate bicarbonates. The generated bicarbonates can be catalytically charged back to alkali formates under optimized hydrogen pressure. Hence, the formate‐bicarbonate‐based systems being carbon neutral at ambient condition has certain advantages over formic acid. The formate‐bicarbonate cycle can be considered as a vehicle for hydrogen and energy storage. The whole process is carbon‐neutral, reversible, and sustainable. This Review emphasizes the various catalytic systems employed for reversible formate‐bicarbonate conversion. Moreover, a mechanistic investigation, the effect of temperature, pH, kinetics of reversible formate‐bicarbonate conversion, and new insights in the field are also discussed in detail.