Supercapacitors (SCs) have received much interest due to their enhanced electrochemical performance, superior cycling life, excellent specific power, and fast charging–discharging rate. The energy density of SCs is comparable to batteries; however, their power density and cyclability are higher by several orders of magnitude relative to batteries, making them a flexible and compromising energy storage alternative, provided a proper design and efficient materials are used. This review emphasizes various types of SCs, such as electrochemical double-layer capacitors, hybrid supercapacitors, and pseudo-supercapacitors. Furthermore, various synthesis strategies, including sol-gel, electro-polymerization, hydrothermal, co-precipitation, chemical vapor deposition, direct coating, vacuum filtration, de-alloying, microwave auxiliary, in situ polymerization, electro-spinning, silar, carbonization, dipping, and drying methods, are discussed. Furthermore, various functionalizations of SC electrode materials are summarized. In addition to their potential applications, brief insights into the recent advances and associated problems are provided, along with conclusions. This review is a noteworthy addition because of its simplicity and conciseness with regard to SCs, which can be helpful for researchers who are not directly involved in electrochemical energy storage.