Advancements to tackle the 21st-century energy crisis are being made focusing majorly on sustainability. Lignin and cellulose comprise major parts of biomass and have plenty of advantages such as abundance, eco-friendliness, cost effectiveness, sustainability, and renewability. Utilizing them as precursors for electrode materials for supercapacitors and batteries is promising. The present review discusses extensively the exploitation of tunable features of different special structures of carbons derived from components of lignin, cellulose, and lignocellulose, and their transformations as electrode materials for supercapacitors and battery applications. The structures have been categorized into carbon nanosheets, carbon nanofibers, hierarchically porous carbon, and heteroatom-doped carbon. Their performance studies with various electrochemical optimizations for energy storage have been discussed comprehensively with a significant emphasis on the structural morphologies of the discussed materials. As the materials also have some limitations, the review highlights a few gaps and challenges to be encountered for further developments with a future perspective in energy storage. © 2023 American Chemical Society.