MXenes with their wide range of tunability and good surface chemistry provide unique and distinctive characteristics offering potential employment in various aspects of energy management applications. These high-performance materials have attracted considerable attention in recent decades due to their outstanding characteristics. In the literature, most of the work is related to specific methods for the preparation of MXenes. In this Review, we present a detailed discussion on the synthesis of MXenes through different etching routes involving acids, such as hydrochloric acid, hydrofluoric acid, and lithium fluoride, and non-acidic alkaline solution, electrochemical, and molten salt methods. Furthermore, a concise overview of the different structural, optical, electronic, and magnetic properties of MXenes is provided corresponding to their role in supporting high thermal, chemical, mechanical, environmental, and electrochemical stability. Additionally, the role of MXenes in maintaining the thermal management performance of photovoltaic thermal systems (PV/T), wearable light heaters, solar water desalination, batteries, and supercapacitors is also briefly discussed. A techno-economic and life cycle analysis of MXenes is provided to analyze their sustainability, scalability, and commercialization to facilitate a comprehensive array of energy management systems. Lastly, the technology readiness level of MXenes is defined, and future recommendations for MXenes are provided for their further utilization in niche applications. The present work strives to link the chemistry of MXenes to process economics for energy management applications.