In recent years, the increasing energy requirement and consumption necessitates further improvement in energy storage technologies to obtain high cycling stability, power and energy density, and specific capacitance. Two-dimensional metal oxide nanosheets have gained much interest due to their attractive features, such as composition, tunable structure, and large surface area which make them potential materials for energy storage applications. This review focuses on the establishment of synthesis approaches of metal oxide nanosheets (MO nanosheets) and their advancements over time, as well as their applicability in several electrochemical energy storage systems, such as fuel cells, batteries, and supercapacitors. This review provides a comprehensive comparison of different synthesis approaches of MO nanosheets, as well their suitability in several energy storage applications. Among recent improvements in energy storage systems, micro-supercapacitors, and several hybrid storage systems are rapidly emerging. MO nanosheets can be employed as electrode and catalyst material to improve the performance parameters of energy storage devices. Finally, this review outlines and discusses the prospects, future challenges, and further direction for research and applications of metal oxide nanosheets.