Ferrites and ferrite-based composites are known for their fascinating magnetic properties, varied redox chemistry, good stability, and excellent catalytic properties, all of which make them useful for a growing range of energy-related applications. The present review provides a concise summary of the basic properties of ferrites, an overview of the applicable synthetic methods, and recent advances related to the application of ferrites and ferrite-based composites in photoelectrochemical cells, photocatalytic CO2 reduction, batteries, supercapacitors, and microbial fuel cells. Special emphasis is placed on materials prepared by modern techniques, including microwave-assisted synthesis, ultrasound-assisted and sonochemical methods, synthesis employing metal-organic framework precursors, and electrospinning methods. The effects of intrinsic magnetism and external magnetic fields on the efficiency of ferrites in selected energy applications are also highlighted. The review concludes with a future outlook for the field that proffers solutions to issues currently hindering the effective utilization of ferrites and ferrite-based composites in energy conversion and storage applications.