The ever‐growing demand of human society for clean and reliable energy sources spurred a substantial academic interest in exploring the potential of biological resources for developing energy generation and storage systems. As a result, alternative energy sources are needed in populous developing countries to compensate for energy deficits in an environmentally sustainable manner. This review aims to evaluate and summarize the recent progress in bio‐based polymer composites (PCs) for energy generation and storage. The articulated review provides an overview of energy storage systems, e. g., supercapacitors and batteries, and discusses the future possibilities of various solar cells (SCs), using both past research progress and possible future developments as a basis for discussion. These studies examine systematic and sequential advances in different generations of SCs. Developing novel PCs that are efficient, stable, and cost‐effective is of utmost importance. In addition, the current state of high‐performance equipment for each of the technologies is evaluated in detail. We also discuss the prospects, future trends, and opportunities regarding using bioresources for energy generation and storage, as well as the development of low‐cost and efficient PCs for SCs.