Hybrid ion capacitors are promising energy storage devices with the potential to bridge the gap between commercial supercapacitors and batteries. This innovative technology conserves energy while providing supercapacitor-like power and cyclability. In recent years, hybrid ion capacitors have received interest due to their increased energy density without compromising power density, and because of their hybrid combination, they can also achieve greater capacitance. Moreover, hybrid ion capacitors are a fast-expanding energy storage technology that provides residential and transportation applications with low-cost, high-efficiency storage and power-intensity solutions. To maximize the energy and power densities of next-generation storage devices, many multifunctional hybrid nanostructured materials have been studied. This article provides a comprehensive overview of recent developments in anode and cathode materials for hybrid ion capacitors. We discussed the origins and evolution of hybrid ion capacitors. This chapter discusses the historical development of lithium-ion batteries, characterized by their high energy density and low power density, supercapacitors, characterized by their high-power density and low energy density, and a hybrid system that combines the high energy and power densities of lithium-ion batteries and supercapacitors, respectively. For hybrid lithium-ion capacitor applications, this chapter also examines the use of other charge carriers, such as sodium and potassium, as well as many electrode materials, including activated carbon, graphene, carbon for lithium and sodium electrodes, and titanium-oxide-based compounds. The electrode materials’ specific capacities and current densities are summarized and tabulated. We also addressed the necessity to provide high energy and high power in a single energy storage system by utilizing hybrid ion capacitors due to their configurable and adaptable performance characteristics, especially in energy and power densities. The combination of a capacitor-type cathode and a battery-type anode to form a hybrid supercapacitor, such as a sodium-ion hybrid capacitor, a lithium-ion hybrid capacitor, and a potassium-ion hybrid capacitor, was considered for charge storage with both capacitor and battery advantages. Relevant mechanisms are demonstrated for nanostructured electrode materials, pseudocapacitive oxides V2O5, MXenes, conversion compounds, and battery-related intercalation ceramics are demonstrated.