The transition of the global energy market towards an environment‐friendly, sustainable society requires a profound transformation from fossil fuel to zero carbon emission fuel. To cope with this goal production of renewable energy is accelerating worldwide. Hydrogen is a clean energy carrier, due to its clean combustion and abundance. Nonetheless, its storage is a critical challenge to its success. Hydrogen must be stored long after being produced and transported to a storage site. Physical hydrogen storage (PHS) is vital among hydrogen storage modes, and its shortcoming needs to overcome for its successful and economic benefits. This review intends to discuss the techniques and applications of physical hydrogen storage in the state of compressed gas, liquefied hydrogen gas, and cold/cryo compressed gas concerning their working principle, chemical and physical properties, influencing factors for physical hydrogen storage, and transportation, economics, and global outlook. In addition, insights of several probable PHS systems are highlighted. The outcomes of this review envisioned that the PHS still necessitates technological advancements despite having remarkable success. The limitation opens the door to further research, which would be helpful for efficient and long‐term physical hydrogen storage.