Nowadays, attaining highly effective energy utilisation is one of our society’s most important and promising issues. To facilitate the demands of energy generation applications, which show a great deal of promise for future developments, continues efforts are required to create better and more effective inorganic nanomaterials. Inorganic (multifunctional) nanoparticles have been studied in great detail to improve the needs of many energy applications. For applications that heavily rely on the mechanical, optical, catalytic, electrical and thermal characteristics of energy-based materials, inorganic nanoparticles are particularly focused on to achieve these properties. Applications in the energy sector have benefited greatly by the use of piezoelectric, triboelectric, thermoelectric, photovoltaic and electrochromic materials at the nanometre scale. Functional inorganic materials have special qualities that make them more competitive in energy-related applications, such as high surface area, chemical stability, and exceptional thermal and electrical conductivity. This article discusses new developments, research and advancements in inorganic nanomaterials (multifunctional) to improve their performance, emphasising how devices integrate nanomaterial properties. This could be accomplished by shedding light on potential future uses and clarifying the continuous research issues in this area.