Hydrogen fuel is becoming a hot topic among the scientific community as an alternative energy source. Hydrogen is eco-friendly, renewable, and green. The synthesis and development of materials with great potential for hydrogen storage is still a challenge in research and needs to be addressed to store hydrogen economically and efficiently. Various solid-state materials have been fabricated for hydrogen energy storage; however, carbon-based nanocomposites have gained more attention because of its high surface area, low processing cost, and light weight nature. Carbon materials are easy to modify with various metals, metal oxides (MOs), and other organometallic frameworks because of the functional groups available on the surface and edges that increase the storage capacity of hydrogen. In addition, chemisorption is another way to enhance the hydrogen storage capacity of carbon-based nanocomposites. In this review, we discuss the success achieved thus far and the challenges that remain for the physical and chemical storage of hydrogen in various carbon-based nanocomposites. Various compositions of catalysts (eg, metal, MOs, alloy, metal organic frameworks) and carbon materials are designed for hydrogen storage. Superior energy storage in hybrids and composites as compared with pristine materials (catalysts or carbon nanotubes) is governed by the interaction, activation, and hydrogen adsorption/absorption mechanism of materials in the reaction profile. (Nano)composites comprising carbon material with metals, MOs, or alloys are important in this field, not only because of their potential for hydrogen sorption but also their significant cyclic stability and high efficiency upon successive adsorption-desorption cycles.