Electricity consumption is an integral part of life on earth. Energy generation has become a critical topic, addressing the need to fuel the energy demands of consumers. Energy storage is an offshoot of the mainstream process, which is now becoming a prime topic of research and development. Electrochemical energy storage is an attractive option, serving its purpose through fuel cells, batteries and supercapacitors manipulating the properties of various materials, nanomaterials and polymer substrates. The following review presents a comprehensive report on the use of carbon-based polymer nanocomposites, specifically graphene and fullerene-based polymer nanocomposites, towards electrochemical energy storage. The achievements in these areas, and the types of polymer nanocomposites used are listed. The areas that lack of clarity and have a dearth of information are highlighted. Directions for future research are presented and recommendations for fully utilizing the benefits of the graphene/fullerene polymer nanocomposite system are proposed.