Ni-NiO-CNT composite synthesized by swift and simple combustion process is investigated as anode for Li-ion batteries (LIB) and also as an electro-catalyst for oxygen evolution reaction (OER) in alkaline medium. The binder free, electrical conductor less, free standing anode fabricated from Ni-NiO-CNT displays a stable capacity of 736mAhg−1 at a current density of 200mAg−1 for the investigated 50 cycles, the exhibited capacity being higher than the theoretical capacity of NiO and carbon. The hybrid composite also exhibits excellent OER activity, achieving current density of 10mAcm−2 at a lower over potential (η) of 320mV. The presence of Ni nanoparticles and porous sponge like structure of the composite is the main reason for this high performance. Such multifunctional materials could emerge as promising for realizing future energy storage and conversion approaches.