The development of smart negative electrode materials with high capacitance for use in supercapacitors remains challenging. Although there have been several types of electrode materials with high capacitance used in energy storage, carbon-based materials are the most reliable electrodes due to their high conductivity, high power density and excellent stability. The most common complaint about general carbon materials is that these as-formed electrode materials can hardly ever be used as free-standing electrodes. Free-standing carbon-based electrodes are in high demand and are a passionate topic of energy storage research. Electrospun nanofibers are a potential candidate to fill this gap. However, the as-spun carbon nanofibers (ECNFs) have low capacitance and energy density on their own. To this end, several attempts have been made to improve these characteristics. In this review, we introduce negative electrode materials that have been developed. Moreover, this review places special attention to the advances of electrospun nanofiber-based negative electrode materials and their limitations. Based on the above information, we put forth a future perspective on how these limitations can be overcome to meet the demands of next-generation smart devices.