In this critical Review we focus on the evolution of the hybrid ion capacitor (HIC) from its early embodiments to its modern form, focusing on the key outstanding scientific and technological questions that necessitate further in-depth study. It may be argued that HICs began as aqueous systems, based on a Faradaic oxide positive electrode (e.g., Co3O4, RuOx) and an activated carbon ion-adsorption negative electrode. In these early embodiments HICs were meant to compete directly with electrical double layer capacitors (EDLCs), rather than with the much higher energy secondary batteries. The HIC design then evolved to be based on a wide voltage (similar to 4.2 V) carbonate-based battery electrolyte, using an insertion titanium oxide compound anode (Li4Ti5O12, LixTi5O12) versus a Li ion adsorption porous carbon cathode. The modern Na and Li architectures contain a diverse range of nanostructured materials in both electrodes, including TiO2, Li7Ti5O12, Li40Ti5O12, Na6LiTi5O12, Na2Ti3O7, graphene, hard carbon, soft carbon, graphite, carbon nanosheets, pseudocapacitor T-Nb2O5, V2O5, MXene, conversion compounds MoS2, VN, MnO, and Fe2O3/Fe3O4, cathodes based on Na3V2(PO4)(3), NaTi2(PO4)(3), sodium super ionic conductor (NASICON), etc. The Ragone chart characteristics of HIC devices critically depend on their anode cathode architectures. Combining electrodes with the flattest capacity versus voltage characteristics, and the largest total voltage window, yields superior energy. Unfortunately "flat voltage" materials undergo significant volume expansion/contraction during cycling and are frequently lifetime limited. Overall more research on HIC cathodes is needed; apart from high surface area carbon, very few positive electrodes demonstrate the necessary 10 000 or 100 000 plus cycle life. It remains to be determined whether its lithium ion capacitors (LICs) or sodium ion capacitors (NICs) are superior in terms of energy power and cyclability. We discuss unresolved issues, including poorly understood fast-charge storage mechanisms, prelithiation and presodiation, solid electrolyte interface (SEI) formation, and high-rate metal plating.