Continuous　advancements　in　the　field　of　energy　conversion　and　storage,　including　the　development,　evaluation　of　abundant　and　inexpensive　materials　with　good　electrochemical　performance,　aim　to　meet　the　future　energy　demands.　Transition　metal　phosphides　(TMPs)　have　recently　emerged　as　excellent　energy　conversion　and　storage　materials　due　to　their　highly　active　surface　sites,　electrical　conductivity,　thermal　and　structural　stability.　TMPs　exhibit　numerous　other　desirable　properties,　like　hardness　and　chemical　stability,　which　result　from　the　presence　of　strong　M　-　P　bonds　in　the　molecules.　In　this　work,　comprehensive　review　of　recent　advancements　in　research　concerning　TMPs　and　their　applications　in　the　area　of　energy　conversion　and　storage　was　conducted.　Additionally,　the　frequently　employed　synthetic　strategies　for　the　production　of　TMPs　were　investigated.　Particularly,　hydrogen　and　oxygen　evolution　reactions　(HER　and　OER),　dye-sensitized　solar　cells　for　energy　conversion　and　storage,　lithium-ion　batteries,　and　supercapacitors　were　examined.　TMPs　display　remarkable　electrochemical　behavior　due　to　the　synergistic　effects　of　various　compositions　and　surface　structures.　Moreover,　the　M-centers　and　P-sites　possess　high　electrocatalytic　activity.　The　P-sites　of　phosphides　are　negatively　charged;　thus,　they　attract　protons,　enhancing　the　HER/OER　activities.　Eventhough　platinum-based　electrocatalysts　perform　best　in　HER,　their　bifunctional　properties　have　not　been　extensively　studied　due　to　poor　OER　activities.　In　energy　storage,　TMPs　used　as　efficient　and　stable　electrodes　owing　to　their　low　charge-discharge　potentials,　high　theoretical　specific　capacities,　and　a　decreased　ion-diffusion　pathway.　Finally,　the　challenges,　future　perspectives　in　the　area　of　energy　are　discussed　and　several　approaches　for　the　improvement　of　multifunctional　TMPs　are　proposed.