Aluminum is examined as energy storage and carrier. To provide the correct feasibility study the work includes the analysis of aluminum production process: from ore to metal. During this analysis the material and energy balances are considered. Total efficiency of aluminum-based energy storage is evaluated. Aluminum based energy generation technologies are reviewed. Technologies are categorized by aluminum oxidation method. Particularly, the work focuses on direct electrochemical (anodic) oxidation of aluminum, aluminum–water reaction in alkaline solution, mechanochemical activation of aluminum, mechanical activation of aluminum and high-temperature aluminum–water reaction. The objective is methods overview including technological principle, efficiency, urgent problems and possible application areas.