Since the discovery of borophene in 2014, tremendous efforts have been invested in exploring its synthesis methods as well as in exploiting the potential applications. Borophene has been progressively used in the field of chemistry, material science, nanotechnology, and condensed matter physics. This review discusses the physical (thermal, electronic, superconductive, and mechanical) and chemical properties of borophene followed by the advances in the experimental synthesis strategies and finally its applications in the field of environment and energy. Initially, the potential of borophene as a heterogeneous catalyst is discussed in CO2 reduction, N2 fixation, hydrogen evolution and oxygen evolution reactions followed by its use as a potential material for hydrogen storage, supercapacitors as well as its use as an anode material in batteries. Finally, a detailed summary followed by an outlook on the future potential of borophene as a remarkable material for environment and energy applications is presented.