Hydrogen storage systems (HSSs), are the backbone of feasible hydrogen economy. To provide a reliable renewable energy system, safe, cost effective and compact HSS is due. Physical storage systems involve the compressed gas, liquid and cryo-compressed techniques while material based one involves adsorptive materials, metal hydrides and chemical storage materials. In this paper, the features of a variety of HSSs are impartially discussed. The technical comparative analysis of the different physical and material based types of HSSs illustrates the paradoxical inherent features, including gravimetric and volumetric storage densities and parameters associated with storage and release processes, among these systems. Accordingly, no ideal hydrogen storage technique can be considered the best-fit for all stationary and automotive applications. Therefore, not only a unique HSS solution can properly provide the needs, but a set of complementary HSS solutions which may offer the system designer several options. This set of options can be hardly interpretable in case of the unclear definition of the application needs which may be time variant. Inside this review, the critical insights and recommendations about suitable applications for storage systems are provided. Different standards and codes alongside the corresponding tests are demonstrated for the different storage technologies. Moreover, storage vessels research work is overviewed for the different hydrogen storage technologies. In addition, the failure behaviour, criteria and prediction models are investigated for composite vessels subjected to high pressures and extreme temperatures degrading their mechanical behaviour and failure resistance.