Nickel chalcogenide (S and Se) based nanostructures intrigued scientists for some time as materials for energy conversion and storage systems. Interest in these materials is due to their good electrochemical stability, eco‐friendly nature, and low cost. The present review compiles recent progress in the area of nickel‐(S and Se)‐based materials by providing a comprehensive summary of their structural and chemical features and performance. Improving properties of the materials, such as electrical conductivity and surface characteristics (surface area and morphology), through strategies like nano‐structuring and hybridization, are systematically discussed. The interaction of the materials with electrolytes, other electro‐active materials, and inactive components are analyzed to understand their effects on the performance of energy conversion and storage devices. Finally, outstanding challenges and possible solutions are briefly presented with some perspectives toward the future development of these materials for energy‐oriented devices with high performance.