As renewable energy is becoming a crucial energy source to meet the global demand, electrochemical energy storage devices become indispensable for efficient energy storage and reliable supply. The electrode material is the key factor determining the energy storage capacity and the power delivery of the devices. Carbon-based materials, specifically graphite, activated carbons etc, are extensively used as electrodes, yet their low energy densities impede the development of advanced energy storage materials. Decoration by nanoparticles of metals, metal oxides, nitrides, carbides, phosphides, chalcogenides and bimetallic components is one of the most promising and easy-to-implement strategies to significantly enhance the structural and electronic properties, pore refinement, charge storage and charge-transfer kinetics of both pristine and doped carbon structures, thereby making their performance promising for next-generation energy storage devices. Structuring the materials at nanoscale is another probable route for better rate performance and charge-transfer kinetics. This review covers the state-of-art nanoparticle decorated nanocarbons (NCs) as materials for battery anode, metal-ion capacitor anode and supercapacitor electrode. A critical analysis of the elemental composition, structure, associated physico-chemical properties and performance relationships of nanoparticle-decorated NC electrodes is provided as well to inform the future development of the next-generation advanced energy storage materials and devices.