Research on hydrogen fuel generation as a renewable energy is becoming a hot topic among scientists searching for alternative energy sources. Hydrogen energy is considered as alternative source of energy which is eco-friendly, renewable and green source. To synthesise and develop highly potential materials for hydrogen energy is still a challenge for researcher which can be tackled to store hydrogen economically and efficiently. Various materials have been applied for this purpose, but carbon-based nanocomposites have gained more attention due to low processing cost, high surface area and light weight in nature. Due to functional groups present on the surface and edges, it is easy to modify with various metal oxides and other metal-organic frameworks to enhance the storage capacity of hydrogen. In addition, chemical adsorption is another way to enhance the hydrogen storage capacity of carbon based nanocomposites materials. In this review, we have discussed the success achieved so far and the challenges for the physical and chemical storage of hydrogen in various carbon based nanocomposites.