With the advent of flexible, wearable and portable electronic products, flexible lithium-ion batteries (LIBs) and electrochemical capacitors (ECs), which are able to withstand repeated deformation or bending, have attracted considerable attention as one type of energy-storage device. However, the fabrication of these flexible electrodes is the main bottleneck in the practical utilization and application of these energy-storage devices. Up to now, enormous efforts have been made in addressing the shortcomings and remarkable improvements have also been achieved. So a systematic review of the status and progresses is highly required. In this review, we first make a short introduction about the challenges faced in the conventional batteries and capacitors. Then, we summarize the recent improvements in flexible and wearable LIBs and ECs with a focus on the flexible active materials and substrates. Finally, we discuss the prospects and challenges towards the practical applications of the flexible electrodes in the future.