MXenes, a family of two-dimensional (2D) materials derived from MAX phases, have garnered significant attention due to their unique properties and potential applications in energy management systems. This review provides a comprehensive overview of the synthesis, characterization, and performance of MXenes, focusing on various etching routes, including acid-based methods (HF, HCl, LiF) and non-acidic methods (alkaline solutions, electrochemical reactions, molten salts). The structural, optical, electronic, and magnetic properties of MXenes are discussed, highlighting their potential in enhancing thermal, chemical, mechanical, environmental, and electrochemical stability. The techno-economic and life cycle analysis of MXenes is also presented to assess their sustainability, scalability, and commercialization potential. Additionally, the technology readiness level of MXenes is defined, and future recommendations are provided for their further utilization in niche applications. The review aims to bridge the chemistry of MXenes with process economics to facilitate their broader application in energy management systems.MXenes, a family of two-dimensional (2D) materials derived from MAX phases, have garnered significant attention due to their unique properties and potential applications in energy management systems. This review provides a comprehensive overview of the synthesis, characterization, and performance of MXenes, focusing on various etching routes, including acid-based methods (HF, HCl, LiF) and non-acidic methods (alkaline solutions, electrochemical reactions, molten salts). The structural, optical, electronic, and magnetic properties of MXenes are discussed, highlighting their potential in enhancing thermal, chemical, mechanical, environmental, and electrochemical stability. The techno-economic and life cycle analysis of MXenes is also presented to assess their sustainability, scalability, and commercialization potential. Additionally, the technology readiness level of MXenes is defined, and future recommendations are provided for their further utilization in niche applications. The review aims to bridge the chemistry of MXenes with process economics to facilitate their broader application in energy management systems.