Carbon based nanomaterials are acknowledged for their admirable optical, electrical, mechanical characteristics and broad class of applications. Choice of precursor and simple synthesis techniques have decisive roles in viable production and commercialization of carbon produce. The intense demand to develop high purity carbon nanomaterials through inexpensive techniques has promoted usage of fossil derivatives as feasible source of carbon. Coal serves as a naturally available, abundant and cheap feedstock for carbon materials. From the crystalline clusters of aromatic hydrocarbons in a cross-linked network, carbon nanostructures can easily be extracted through green synthesis routes. It promotes a potent alternative for the cost effective and scaled up production of nanocarbon. The well-developed pores distribution, presence of numerous active sites and appropriate migration channels for ions enhance the electrochemical parameters necessary for the fabrication of supercapacitors, batteries and electrochemical sensors. The metallic impurities contained in coal contribute towards faradic redox reactions required for an efficient electrode modification. In this review, the potential uses of coal based carbon nanomaterials in energy storage and environmental sectors are discussed in detail.