Hybrid nanomaterials, which is a combination of two or more nanoparticles have been extensively evaluated as a promising candidate for energy storage and heat transfer applications, benefitting from the rise of synergistic effects between them. The unique form of this emerging combination of nanomaterials not only offers the improved features of the integrated nanoparticles but gives us the opportunity to tailor their physicochemical properties simply by modifying their composition and morphology. Scientific findings have demonstrated that the dispersion of hybrid nanomaterials in the base fluids, known as - hybrid nanofluids gives us the alternative way to replace mono nanofluid and the conventional heat transfer fluids as it provides a much better heat transfer enhancement that is beneficial for advanced heat transfer devices. On the other hand, when hybrid nanomaterials were utilized for energy storage devices, it exhibits an outstanding electrochemical performance, providing a significant contribution to the specific capacitance which permits a new strategy to design new electrodes for advanced energy storage devices. In this article review, we summarised the recent advancements made on the emerging hybrid nanomaterials, comprising of the general overview of the emerging nanomaterials, the synthesis routes for hybrid nanomaterials and their acquired hybrid structures along with their practical applications as electrodes in electrochemical energy storage and as heat transfer fluids for advanced heat transfer devices. Finally, we have also outlined some challenging issues associated with hybrid nanomaterials that requires further attention for future research.