The increasing energy demands in society and industrial sectors have inspired the search for alternative energy sources that are renewable and sustainable, also driving the development of clean energy storage and delivery systems. Various solid-state materials (e.g., oxides, sulphides, polymer and conductive nanomaterials, activated carbon and their composites) have been developed for energy production (water splitting-H2 production), gaseous fuel (H2 and CH4) storage and electrochemical energy storage (batteries and supercapacitors) applications. Nevertheless, the low surface area, pore volume and conductivity, and poor physical and chemical stability of the reported materials have resulted in higher requirements and challenges in the development of energy production and energy storage technologies. Thus, to overcome these issues, the development of metal-organic frameworks (MOFs) has attracted significant attention. MOFs are a class of porous materials with extremely high porosity and surface area, structural diversity, multifunctionality, and chemical and structural stability, and thus they can be used in a wide range of applications. In the present review, we precisely discuss the interesting properties of MOFs and the various methodologies for their synthesis, and also the future dependence on the valorization of solid waste for the recovery of metals and organic ligands for the synthesis of new classes of MOFs. Subsequently, the utilization of these interesting characteristics for energy production (water splitting), storage of gaseous fuels (H2 and CH4), and electrochemical storage (batteries and supercapacitors) applications are described. However, although MOFs are efficient materials with versatile uses, they still have many challenges, limiting their practical applications. Therefore, finally, we highlight the challenges associated with MOFs and show the way forward in overcoming them for the development of these highly porous materials with large-scale practical utility.