This comprehensive review addresses the need for sustainable and efficient energy storage technologies against escalating global energy demand and environmental concerns. It explores the innovative utilization of waste materials from oil refineries and coal processing industries as precursors for carbon-based electrodes in next-generation energy storage systems, including batteries and supercapacitors. These waste-derived carbon materials, such as semi-coke, coal gasification fine ash, coal tar pitch, petroleum coke, and petroleum vacuum residue, offer a promising alternative to conventional electrode materials. They present an optimal balance of high carbon content and enhanced electrochemical properties while promoting environmental sustainability through effectively repurposing waste materials from coal and hydrocarbon industries. This review systematically examines recent advancements in fabricating and applying waste-derived carbon-based electrodes. It delves into the methodologies for converting industrial by-products into high-quality carbon electrodes, with a particular emphasis on carbonization and activation processes tailored to enhance the electrochemical performance of the derived materials. Key findings indicate that while higher carbonization temperatures may impede the development of a porous structure, using KOH as an activating agent has proven effective in developing mesoporous structures conducive to ion transport and storage. Moreover, incorporating heteroatom doping (with elements such as sulfur, potassium, and nitrogen) has shown promise in enhancing surface interactions and facilitating the diffusion process through increased availability of active sites, thereby demonstrating the potential for improved storage capabilities. The electrochemical performance of these waste-derived carbon materials is evaluated across various configurations and electrolytes. Challenges and future directions are identified, highlighting the need for a deeper understanding of the microstructural characteristics that influence electrochemical performance and advocating for interdisciplinary research to achieve precise control over material properties. This review contributes to advancing electrode material technology and promotes environmental sustainability by repurposing industrial waste into valuable resources for energy storage. It underscores the potential of waste-derived carbon materials in sustainably meeting global energy storage demands.