Abstract Internet-of-thing (IoT) is an assembly of devices that collect and share data with other devices and communicate via the internet. This massive network of devices, generates and communicates data and is the key to the value in IoT, allowing access to raw information, gaining insight, and making an intelligent decisions. Today, there are billions of IoT devices such as sensors and actuators deployed. Many of these applications are easy to connect, but those tucked away in hard-to-access spots will need to harvest ambient energy. Therefore, the aim is to create devices that are self-report in real-time. Efforts are underway to install a self-powered unit in IoT devices that can generate sufficient power from environmental conditions such as light, vibration, and heat. In this review paper, we discuss the recent progress made in materials and device development in power- and, storage units, and power management relevant for IoT applications. This review paper will give a comprehensive overview for new researchers entering the field of IoT and a collection of challenges as well as perspectives for people already working in this field.