Supercapacitors (SCs) possess paramount importance and are a promising solution among the class of energy storage devices since they have appreciable features like higher specific power, longer life span, and eco-friendly nature. They replace the difference of energy/power between the high-power traditional capacitors and high energy fuel cells/ batteries. In the current review, comprehensive research on the recent literature of SCs investigates and elucidates with great consideration. The global market analysis, manufacturing firms, challenges, and recent advances present the fundamental, as well as application perspective of SCs. An elaborate analysis of the classifications of SCs, fabrication of different electrode materials from the very beginning of their evolution gives the lucid idea. The evaluation of SC nanocomposites with different parameters such as specific capacitance, energy density, power density, cycling performance, and capacity retention depicts the performance. Detail description of the selection of electrolytes and various synthesis methods of the SCs explains comprehensively. In the end, future scope and challenges mention briefly and consider for the next-generation SC's design and applications. This review provides a reference point on the SCs for researchers and designers working in the field of energy storage devices and applications.