The rhenium-based transition metal dichalcogenides (TMDs), as new members in the TMDs family, have raised great interests recently. Due to the anisotropic structure and unique photoelectric properties, they have potential applications for electrochemical energy conversion and storage. In this work, we performed density functional theory (DFT) calculations on pristine 1T′-ReSe2 toward hydrogen evolution reaction (HER). The results indicated that the Gibbs free energy of the 1T′-ReSe2 edge site for HER could be as small as 0.01 eV, superior to other reported TMDs. Experimentally, we developed a strategy to fabricate sub-5 nm sized 1T′-ReSe2 nanoflakes on carbon nanotubes. Such a small size for the nanoflakes brought abundant edge exposure, which boosted the catalytic activity in the HER. Specifically, the 1T′-ReSe2 nanoflakes needed only 23 and 60 mV overpotentials to achieve −1 and −10 mA cm−2 current densities, along with a low Tafel slope of 37 mV dec−1 and a high exchange current density of 0.3 mA cm−2. The edge-rich and layered 1T′-ReSe2 was also explored as an anode for sodium ion battery. The in operando X-ray absorption near edge structure (XANES) technique was applied to investigate the TMD behavior in real-time during the sodiation/desodiation process. The in situ results revealed that the nanosized 1T′-ReSe2 is electrchemically reversible during discharge/charge cycles. The electrochemical test results demonstrated that 1T′-ReSe2 could be a promising anode material for alkaline batteries.