Supercapacitor's demand for hybrid vehicles, portable electronic gadgets, and high‐power applications is increasing unexpectedly. However, supercapacitors′ inadequacies (i. e., inflated costs, poor energy density, erratic cycle life) need to be addressed by introducing novel composite materials and developing facile synthesis techniques which can give them high surface area and improved electrochemical stability. Moreover, hybrid supercapacitor electrodes based on ternary composites should be designed to broaden their application range and to deal with the challenges. The primary aim of this review is to explore the recent advances in the field of hybrid supercapacitors to address the challenges in this field. Specifically, we have focused on ternary nanocomposites comprising Graphene‐Conducting Polymers‐Metal Oxides (G‐CPs‐MOs) and Graphene‐Conducting Polymers‐Metal Sulfides (G‐CPs‐MSs). Our investigations centred around exploring various synthesis techniques, the surface morphology of composites and analysing the reported electrochemical evaluations of supercapacitor electrodes to highlight the potential prospects and challenges they present.