MXenes (2-D transition metal carbides, nitrides, and carbonitrides), a novel class of two-dimensional materials, have cumulative significant attention, particularly for their remarkable properties in energy-related domains. Their diverse structures, compositions, conductivity, and surface properties make them one of the most versatile families of 2D materials. Since the last decade, various MXenes and their derivatives have been developed. MXene-derived materials include carbon-based materials, metal oxides, and transition metal sulfides, and these materials have different compositions and can be prepared by oxidation, chlorination, nitridation, or sulfurization. Hence, this chapter discusses the recent enhancement of MXene materials and their derivatives in energy storage application batteries and supercapacitors, and the relationship between the structure and electrochemical performance of the MXene derivatives is discussed. This chapter will first discuss the current synthesis methods for MXene derivatives, emphasizing oxidation reactions and exploring the correlation between the structure of derivatives and as electrode material for different metal ion batteries and supercapacitor applications. A focal point of MXene derivatives is the interrelationship between their structure, properties, and applications. Finally, the limitation of MXene derivatives and their upcoming potential for energy storage applications. This overview is a valuable guide for researchers interested in the unfolding evolution of MXene-based materials for energy storage applications.