The current study focuses on reviewing the actual progress of the use of ionic liquids and derivatives in several electrochemical application. Ionic liquids can be prepared at room temperature conditions and by including a solution that can be a salt in water, or a base or acid, and are composed of organic cations and many charge-delocalized organic or inorganic anions. The electrochemical properties, including the ionic and electronic conductivities of these innovative fluids and hybrids, are addressed in depth, together with their key influencing parameters including type, fraction, functionalization of the nanoparticles, and operating temperature, as well as the incorporation of surfactants or additives. Also, the present review assesses the recent applications of ionic liquids and corresponding hybrids with the addition of nanoparticles in diverse electrochemical equipment and processes, together with a critical evaluation of the related feasibility concerns in different applications. Those ranging from the metal-ion batteries, in which ionic liquids possess a prominent role as electrolytes and reference electrodes passing through the dye of sensitized solar cells and fuel cells, to finishing processes like the ones related with low-grade heat harvesting and supercapacitors. Moreover, the overview of the scientific articles on the theme resulted in the comparatively brief examination of the benefits closely linked with the use of ionic fluids and corresponding hybrids, such as improved ionic conductivity, thermal and electrochemical stabilities, and tunability, in comparison with the traditional solvents, electrolytes, and electrodes. Finally, this work analyzes the fundamental limitations of such novel fluids such as their corrosivity potential, elevated dynamic viscosity, and leakage risk, and highlights the essential prospects for the research and exploration of ionic liquids and derivatives in various electrochemical devices and procedures.