Driven by global concerns about the climate and the environment, the world is opting for renewable energy sources (RESs), such as wind and solar. However, RESs suffer from the discredit of intermittency, for which energy storage systems (ESSs) are gaining popularity worldwide. Surplus energy obtained from RESs can be stored in several ways, and later utilized during periods of intermittencies or shortages. The idea of storing excess energy is not new, and numerous researches have been conducted to adorn this idea with innovations and improvements. This review is a humble attempt to assemble all the available knowledge on ESSs to benefit novice researchers in this field. This paper covers all core concepts of ESSs, including its evolution, elaborate classification, their comparison, the current scenario, applications, business models, environmental impacts, policies, barriers and probable solutions, and future prospects. This elaborate discussion on energy storage systems will act as a reliable reference and a framework for future developments in this field. Any future progress regarding ESSs will find this paper a helpful document wherein all necessary information has been assembled.