This comprehensive review explores the multifaceted landscape of supercapacitors, highlighting their pivotal role in meeting the global demand for efficient energy storage solutions. Supercapacitors, with their high power density, rapid charge-discharge cycles, and extended cycle life, offer a compelling alternative to conventional batteries and capacitors. The review delves into the fundamental mechanisms of energy storage in supercapacitors, categorizing them into Electrochemical Double-Layer Capacitors (EDLCs), pseudocapacitors, and hybrid capacitors. It discusses significant advancements in supercapacitor technology, including nanostructured materials, flexible and wearable supercapacitors, solid-state supercapacitors, and hybrid supercapacitors, highlighting their potential applications across industries such as transportation, renewable energy, consumer electronics, and industrial power management. Through continued research and development, supercapacitors are poised to play a pivotal role in driving the transition towards a greener and more efficient future.