Abstract Hydrogen has gained enormous relevance due to its lower carbon footprint and its potential role in balancing energy supply and demand. It is being considered as a sustainable substitute for conventional fuels. The generation of hydrogen using renewable energy sources is still in development, with a significant challenge lying in the efficient and safe storage of hydrogen due to its low energy density. This challenge hinders the widespread adoption of hydrogen. Compression and liquefaction methods of storage face issues of losses that reduce their effectiveness. The technology for hydrogen storage has advanced significantly in the past few years, driven by recent enhancements in synthesizing carbonaceous materials with hydrogen storage capabilities. This article critically reviews novel carbonaceous materials for hydrogen storage, including biochar, activated carbon, carbon nanotubes, carbon nanocomposites, carbon aerogel, fullerenes, MXenes, graphite, graphene and its derivatives. Effective hydrogen adsorption using microporous materials, such as activated carbons, is crucial, sparking interest in economically viable options for hydrogen storage. Despite this, a significant amount of work still needs to be accomplished before the potential and advantages of the hydrogen economy can be fully realized and utilized by manufacturers and academics.