The properties of nanomaterials for use in catalytic and energy storage applications strongly depends on the nature of their surfaces. Nanocrystals with high surface energy have an open surface structure and possess a high density of low-coordinated step and kink atoms. Possession of such features can lead to exceptional catalytic properties. The current barrier for widespread industrial use is found in the difficulty to synthesise nanocrystals with high-energy surfaces. In this critical review we present a review of the progress made for producing shape-controlled synthesis of nanomaterials of high surface energy using electrochemical and wet chemistry techniques. Important nanomaterials such as nanocrystal catalysts based on Pt, Pd, Au and Fe, metal oxides TiO₂ and SnO₂, as well as lithium Mn-rich metal oxides are covered. Emphasis of current applications in electrocatalysis, photocatalysis, gas sensor and lithium ion batteries are extensively discussed. Finally, a future synopsis about emerging applications is given (139 references).