The global energy demands are increasing exponentially to meet the needs of the population and economic development. Shifting from rapidly depleting fossil fuels not only provides viable energy sources but mitigate the climate changes and ensures the energy needs of the future generations in a sustainable manner. Access to sustainable, renewable, and affordable energy is vital for overall socioeconomic progress and environment sustainability for any country. This review summarizes the opportunities and challenges offered by renewable energy sources that are hydro, solar, tidal, wind, geothermal, and hydrogen. Overall, harnessing renewable energy ensures energy security, climate change mitigation, and economic development. However, in order to ensure reduced costs, improved efficiency, and better accessibility affordable energy requires major technological advancements.