Due to advancements in technology, the energy demand is becoming more intense with time. The rapid fossil fuels consumption and environmental concerns triggered intensive research for alternative renewable energy resources, including sunlight and wind. Yet, due to their time‐dependent operations, significant electric energy storage systems are required to store substantial energy. In this regard, electrochemical energy storage devices, like batteries and supercapacitors (SCs), have recently attracted much research attention. Recent developments in SCs demonstrated that hybrid SCs (HSCs), which combine the excellent properties of batteries and SCs, increase the specific energy, specific power, specific capacitance, and life span. Carbonaceous and redox‐active materials have been explored as efficient electrode materials for applications in HSCs, ultimately enhancing their electrochemical performances. The HSCs performance significantly depends on the porosity, specific surface area, and conductivity of the electrode materials. This review article gives an overview of recent advances in developing HSCs with high specific power, specific energy, and long cyclic‐life. The fabrication of various HSCs materials using carbonaceous and redox‐active nanoarchitectures and their characterization are explored in‐depth, including electrode development, basic principles, and device engineering. A proper investigation has been conducted regarding state‐of‐the‐art materials as HSC electrodes. This review focuses on the most up‐to‐date, cutting‐edge, electrode materials for HSCs and their performance. The possibilities for novel electrode materials and their impact on the HSCs performance for future energy storage are also discussed.