The extensive use of flexible and portable electronic devices stimulates the search for the low-cost and flexible electrodes. Herein, chemically-modified stainless steel mesh derived hematite is used as a cost-effective flexible substrate-free anode in lithium ion battery and supercapacitor. This flexible substrate-free electrode exhibits higher potential because it could show excellent contact between active material and current collector during various electrochemical tests. The stainless steel mesh derived hematite also exhibits excellent electrochemical properties, which can be enhanced by further nitridation to achieve optimum storage performance. Thus, this work provides new insight into the development of the cost-effective, scaled up, flexible, substrate-free and multifunctional electrodes.