The review focuses on various hydrogen producing and storing methods that can be employed for creating a hydrogen economy. The latest advancements that have been made on different hydrogen storing materials and hydrogen storing technologies which have proven useful both on gravimetric and volumetric basis, have been highlighted. The encouraging and hopeful aspect of their developments is that the most of the materials are approaching the hydrogen storing capacity requirement that have been laid down by DOE. The classification of different systems has been done on basis of their storage mechanism, keeping in mind their advantages and disadvantages while they tend to store hydrogen both in the atomic and molecular form.