The shift towards a renewable energy future requires the development of sustainable energy storage technologies. The pulp and paper industry generates large quantities of waste black liquor, containing mostly lignin, that is incinerated to generate heat and electricity to meet the energy demand of pulp and paper mills. This article aims to explore potential of converting waste black liquor lignin into valuable and high-performance carbon materials for use in the energy storage systems, such as batteries, supercapacitors, and fuel cells. The article compares the properties and performance of lignin-derived carbon materials to other carbon materials used in energy storage and discusses various synthesis methods. The article also addresses the challenges and opportunities associated with development and application of lignin-derived carbon materials, as well as their economic and environmental impacts. The article evaluates the technology and societal readiness levels for lignin-derived carbon materials and presents successful commercial case studies. In conclusion, lignin-derived carbon materials have potential for energy storage due to lower cost, sustainability, and less environmental impact compared to other materials. However, such methods currently represent a low technology readiness level (TRL) and face challenges such as low performance and scaling up production. To address such challenges, future research should focus on optimizing synthesis methods, tailoring properties, using composite materials, promoting sustainable production, conducting application-specific research, and standardizing testing protocols. The current study builds knowledge on the lignin-derived carbon materials for energy storage to key stakeholders and contributes to understanding their potential for sustainable and environmentally friendly energy storage solutions.