Hydrogen is one of the critical components to address global challenges such as climate change, environmental pollution and global warming. It is a renewable source of energy that has many advantages compared to other renewables. Even though it may not be a “silver bullet” solution for the polluted world, there is still a big expectation that it can solve some of the energy crisis and challenges in the transportation, domestic and industry sectors. This study reviews the latest advancements in materials science, especially in the composite materials used for energy storage/transportation tanks. Special attention is given to towpreg material structures as the most promising ones for hydrogen storage. Various types of storage vessels are reviewed with emphasis on the most advanced type IV and type V vessels for energy (hydrogen) storage. The manufacturing processes, mainly filament winding (FW) and automatic fiber placement (AFP), are reviewed with their pros and cons. The sustainability aspects for the most promising hydrogen technologies, limitations and future challenges are also discussed.