The persistent need for a sustainable energy economy has led researchers to focus on novel energy conversion and storage technologies, inspiring the discovery of smart material designs such as hierarchical nanocomposites. These nanocomposites have proven effective in the advancement of energy-based technologies. The synergistic properties of hierarchical nanocomposites composed of two types of two-dimensional layered materials, layered double hydroxides and graphene, have resulted in improved electrochemical as well as photocatalytic performance. Synthetic strategies and their effect on the electrochemical and photocatalytic performance of these nanocomposites as high-performance supercapacitors and water oxidation catalysts are discussed in detail in this review.