The advent of two-dimensional layered materials has bolstered the development of catalytic endeavors for energy conversion and storage. MXenes (transition metal carbides/nitrides) have already consolidated their candidature in the past decade due to their enhanced compositional and structural tunabilities through surface modifications. Perseverant research in engineering MXene based materials has led to the inception of MBenes (transition metal borides) as promising catalytic systems for energy-driven operations. Physicochemical superiorities of MBenes such as escalated conductivity and hydrophilicity, unique surface and geometrical domains, and higher stability and modulus of elasticity provide the reaction-friendly milieu to exploit these materials. Nevertheless, the research on MBenes is embryonic and requires the thorough realization of their scientific significance. Herein, we aim to discuss the advancements, challenges, and outlooks of MBenes with respect to their energy conversion HER, CO2RR, and NRR applications.