MXene is rising as a versatile two-dimensional material (2DM) for electrochemical energy storage devices. MXene has boosted the performance of supercapacitors thanks to their pseudocapacitive charge storage mechanism with electric double layer behavior. Further, MXene has helped batteries achieve high capacity while endowing fast charge-discharge by virtue of its suitable interlayer spacing and unique chemistry. Such achievements are a result of MXene’s intrinsic properties like high electrical conductivity, defined layered structure and ability to sustain customizations, tailoring the electrodes towards a specific target. Not only that, MXene has showcased its merits by enabling supercapacitors and batteries to surpass the convention and venture into the territory of micro-supercapacitors (MSCs), hybrid capacitors and batteries beyond Li-ion. Herein, we present a topical review discussing the present status of MXene-based energy storage devices and corresponding challenges. By rational analysis, we also provide some key avenues for further research that may help overcome these shortcomings and enable this family of MXene materials attain its full potential.