Hydrogen storage in solid-state materials represents a promising avenue for advancing hydrogen storage technologies, driven by their potential for high efficiency, reduced risk, and cost-effectiveness. Among the employed materials, magnesium borohydride (Mg(BH4)2) stands out for its exceptional characteristics, with a gravimetric capacity of 14.9 wt% and a volumetric hydrogen density capacity of 146 kg/m3. However, the practical application of Mg(BH4)2 is impeded by challenges such as high desorption temperatures (≥ 270 °C), sluggish kinetics, poor reversibility, and the formation of unexpected byproducts like diborane. To address these limitations, extensive research efforts have been directed towards enhancing the hydrogen storage properties of Mg(BH4)2. Various strategies have been explored, including incorporating catalysts or additives, nanoconfinement of Mg(BH4)2 within porous supports, and modifications involving metal alloys and compositional adjustments. These approaches are actively under investigation for improving the performance of Mg(BH4)2-based hydrogen storage systems. This review provides a comprehensive survey of recent advancements in Mg(BH4)2 research, focusing on experimental findings related to nanoconfined Mg(BH4)2 and modified thermodynamic processes aimed at enabling hydrogen release at lower temperatures by mitigating sluggish kinetics. Precisely, nanostructuring techniques, catalyst-mediated nanoconfinement methodologies, and alloy/compositional modifications will be elucidated, highlighting their potential to enhance hydrogen storage properties and overcome existing limitations. Furthermore, this review also discusses the challenges encountered in utilizing Mg(BH4)2 for hydrogen storage applications and offers insights into the prospects of this material. By synthesizing the latest research findings and identifying areas for further exploration, this review aims to contribute to the ongoing efforts toward realizing the full potential of Mg(BH4)2 as a viable solution for hydrogen storage in diverse applications.