A next-generation technology, the Supercapacitor, has emerged with the potential to enable significant advances in energy storage. Supercapacitors are governed by the same fundamental equations as conventional capacitors but utilize higher surface area electrodes and thinner dielectrics to achieve greater capacitances. The existing review addresses a brief overview of the history, principles, and theory of operation of supercapacitors, along with various models, and significantly in current energy saving and storage. Here, a concise description of technologies and working principles of different materials utilized for supercapacitors has been provided. The main focus has been on materials like carbon-based nanomaterials, metal oxides, and conducting polymers. The performance of nanocomposites has been analyzed by parameters like energy, capacitance, power, cyclic performance, and rate capability. The use of supercapacitors in various applications is cited, and their advantages over alternative technologies are considered.