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Supercapacitor is an imminent potential energy storage system, and acts as a booster to the batteries and fuel cells to provide necessary power density. In the last decade, carbon and carbonaceous materials, conducting polymers and transition metal oxide/hydroxide based electrode materials have been made to show a remarkable electrochemical performance. Rare-earth materials have attracted significant research attention as an electrode material for supercapacitor applications based on their physicochemical properties. In this review, rare earth metals, rare earth metal oxides/hydroxides, rare-earth metal chalcogenides, rare-earth metal/carbon composites and rare-earth metal/metal oxide composites based electrode materials are discussed for supercapacitors. We also discuss the energy chemistry of rare-earth metal-based materials. Besides the factors that affect the performance of the electrode materials, their evaluation methods and supercapacitor performances are discussed in details. Finally, the future outlook in rare-earth-based electrode materials is revealed towards its current developments for supercapacitor applications.