The present review revisits representative studies addressed to develop efficient carbon-based heterogeneous catalysts for two important reactions, namely, the production of hydrogen from formic acid and the hydrogenation of carbon dioxide to formic acid. The HCOOH-CO2 system is considered a promising couple for a hydrogen storage system that would be involved in an ideal carbon-neutral cycle. Significant advancements have been achieved in those catalysts designed to catalyze the dehydrogenation of formic acid under mild reaction conditions, while much effort is still needed to catalyze the challenging CO2 hydrogenation reaction. The design of carbon-based heterogeneous catalysts for these reactions encompasses both the modulation of the properties of the active phase (particle size, composition, and electronic properties), as well as the modification of the supports by means of incorporation of nitrogen functional groups. These approaches are herein summarized to provide a compilation of the strategies followed in recent studies to set the basis for a hydrogen storage system attained by the HCOOH-CO2 couple.