The electric vehicle (EV) technology addresses the issue of the reduction of carbon and greenhouse gas emissions. The concept of EVs focuses on the utilization of alternative energy resources. However, EV systems currently face challenges in energy storage systems (ESSs) with regard to their safety, size, cost, and overall management issues. In addition, hybridization of ESSs with advanced power electronic technologies has a significant influence on optimal power utilization to lead advanced EV technologies. This paper comprehensively reviews technologies of ESSs, its classifications, characteristics, constructions, electricity conversion, and evaluation processes with advantages and disadvantages for EV applications. Moreover, this paper discusses various classifications of ESS according to their energy formations, composition materials, and techniques on average power delivery over its capacity and overall efficiencies exhibited within their life expectancies. The rigorous review indicates that existing technologies for ESS can be used for EVs, but the optimum use of ESSs for efficient EV energy storage applications has not yet been achieved. This review highlights many factors, challenges, and problems for sustainable development of ESS technologies in next-generation EV applications. Thus, this review will widen the effort toward the development of economic and efficient ESSs with a longer lifetime for future EV uses.