With the per capita growth of energy demand, there is a significant need for alternative and sustainable energy resources. Efficient electrochemical catalysis will play an important role in sustaining that need, and nanomaterials will play a crucial role, owing to their high surface area to volume ratio. Electrospun nanofiber is one of the most promising alternatives for producing such nanostructures. A section of key nano-electrocatalysts comprise of transition metals (TMs) and their derivatives, like oxides, sulfides, phosphides and carbides, etc., as well as their 1D composites with carbonaceous elements, like carbon nanotubes (CNTs) and carbon nanofiber (CNF), to utilize the fruits of TMs’ electronic structure, their inherent catalytic capability and the carbon counterparts’ stability, and electrical conductivity. In this work, we will discuss about such TM derivatives, mostly TM-based ceramics, grown on the CNF substrates via electrospinning. We will discuss about manufacturing methods, and their electrochemical catalysis performances in regards to energy conversion processes, dealing mostly with water splitting, the metal–air battery fuel cell, etc. This review will help to understand the recent evolution, challenges and future scopes related to electrospun transition metal derivative-based CNFs as electrocatalysts.