Hydrogen is a clean fuel and an abundant renewable energy resource. In recent years, huge scientific attention has been invested to invent suitable materials for its safe storage. Conducting polymers has been extensively investigated as a potential hydrogen storage and fuel cell membrane due to the low cost, ease of synthesis and processability to achieve the desired morphological and microstructural architecture, ease of doping and composite formation, chemical stability and functional properties. The review presents the recent progress in the direction of material selection, modification to achieve appropriate morphology and adsorbent properties, chemical and thermal stabilities. Polyaniline is the most explored material for hydrogen storage. Polypyrrole and polythiophene has also been explored to some extent. Activated carbons derived from conducting polymers have shown the highest specific surface area and significant storage. This review also covers recent advances in the field of proton conducting solid polymer electrolyte membranes in fuel cells application. This review focuses on the basic structure, synthesis and working mechanisms of the polymer materials and critically discusses their relative merits.