The fuel reserves of the world are very less and are depleting at a fast rate. So in future for the smooth livelihood of mankind, there is a need to find some others alternative sources of energy. We can dream of using nuclear power as the energy source but is posses problems related to environment and human health. The best alternative which comes in mind is HYDROGEN. It can be burned as a fuel in industry and power plants and possibly also in homes and motor vehicles. Thus, we can define Hydrogen Economy as the use of hydrogen as an energy source. The ‘hydrogen economy’ is being promoted as the solution to the world’s energy problems. We had found some effective sources for hydrogen generation but the main issue left is its storage. Some of the metal doped complex hydrides had proved as an effective means of hydrogen storage but still we have to find more effective and cheaper sources. Thus there is a scope of further research in this field to find alternatives for hydrogen storage.