Black phosphorus (BP) is a type of relatively novel and promising material with some outstanding properties, such as its theoretical specific capacity (2596 mAh/g) being approximately seven times larger than that of graphite as a negative material for batteries. Phosphorene, a one-layer or several-layer BP, is a type of two-dimensional material. BP, phosphorene or their composite materials can significantly improve the performance of energy storage devices, e.g., mainly lithium ion batteries, sodium ion batteries and supercapacitors. Due to their attractive potential applications for energy storage, people have focused on BP/phosphorene for many years. This paper examines the existing literature and recent advances on this topic, covering the properties and preparation methods of BP and phosphorene along with the underlying principles of their electrochemical performance. Practical applications of BP as a negative material for energy storage are reviewed as well. In addition, problems regarding the ever-remaining need for improvements and developments are put forward to meet the demands of energy storage.