A novel 2D material that is a formidable opponent to graphene (Gr) is borophene, which stands as 2D boron sheets. This innovative material has gained interest in the energy sector due to its wide range of chemical properties, intricate structural geometries, possession of massless Dirac fermions, outstanding hardness, and high carrier mobility. Unlike Gr, which lacks a band gap, borophene exhibits a band gap, endowing it with distinct advantages. Although many advancements in borophene materials, including their synthesis, structural and electronic characterization, and applications, have been discussed in the literature, there is still a need for a quantitative and qualitative assessment from both the experimental and theoretical perspectives, as well as the learned lesson implication in real-world applications of this material. This review highlights recent theoretical and experimental discoveries about borophene, focusing on key scientific findings, structural and electronic properties, and diverse applications, particularly in energy conversion processes and energy storage systems such as batteries and supercapacitors. Finally, the paper discusses current research challenges and future opportunities for large-scale borophene synthesis and its potential uses.