At present it is indispensable to develop and implement new/state-of-the-art carbon nanomaterials as electrodes in electrochemical capacitors, since conventional activated carbon based supercapacitor cells cannot fulfil the growing demand of high energy and power densities of electronic devices of the present era, as a result of the rapid developments in this field. Functionalized carbon nanomaterials symbolize the type of materials with huge potential for their use in energy related applications in general and as an electrode active material for electrochemical capacitors in particular. Nitrogen doping of carbons has shown promising results in the field of energy storage in electrochemical capacitors, gaining attention of researchers to evaluate the performance of new heteroatoms functionalised materials such as sulphur, phosphorus and boron lately. Literature is widely available on nitrogen doped materials research for energy storage applications; however, there has been a limited number of review works on other functional materials beyond nitrogen. This review article thus aims to provide important insights and an up-to-date analysis of the most recent developments, the directions of future research, and the techniques used for the synthesis of these functional materials. A critical review of the electrochemical performance including specific capacitance and energy/power densities is made, when these single doped or co-doped active materials are used as electrodes in electrochemical capacitors. •Recent progress in synthesis of functionalized nanostructured carbon materials.•Heteroatoms doped carbon nanomaterials improves specific capacitance.•Heteroatoms doping results in improving energy density while maintaining the excellent power density.