Supercapacitor is an electrochemical energy storage device which has drawn attention of the researchers in recent years due to its high power density and long cycle life. Recently, an enormous effort has been imposed to improve the energy density of supercapacitor and might be attained through asymmetric cell configuration that offer wider potential window. Until now, a significant advancement has been achieved in the fabrication of positive electrodes for asymmetric cell. Nevertheless, the electrochemical performance of negative electrode materials is less explored, especially Hematite (α-Fe2O3). The α-Fe2O3 has been proved to be a promising negative electrode in supercapacitor application due to its wide operating potential, high redox activity, low cost, abundant availability and eco-friendliness. In this review, we have chosen α-Fe2O3 as the negative electrode and discussed its latest research progress with emphasis on various surface engineering synthesis strategies such as, carbon, polymer, metal-metal oxide, and ternary based α-Fe2O3 composites for supercapacitor. Besides, the importance of their synergistic effects over the supercapacitive performance in terms of specific capacitance, energy density, power density, cycling life and rate capability are highlighted. Also, an extensive analysis of the literature about its symmetric/asymmetric cell performance is explored.