Electrocatalysts play a pivotal role in various energy conversion processes, such as water splitting, batteries, carbon dioxide reduction, and fuel cell reactions, by significantly reducing the energy barrier and enhancing reaction kinetics. This review highlights the potential of earth-abundant electrocatalysts, with a particular focus on their capabilities in critical electrochemical reactions, including oxygen evolution reaction, carbon dioxide reduction reaction, oxygen reduction reaction and hydrogen evolution reaction. Emphasis is also placed on bifunctional, trifunctional, and tetrafunctional performance, showcasing their adaptability and effectiveness across diverse energy applications. Exploration is done on a range of promising materials, including transition metal chalcogenides, MXenes, metal-organic frameworks, covalent organic frameworks, and layered double hydroxides. By examining their intrinsic properties, structural versatility, and surface engineering strategies, this review sheds light on the factors that govern their catalytic efficiency and stability. The integration of experimental advancements with theoretical insights provides a deeper understanding of mechanisms driving their catalytic activity. Additionally, we address the scalability, cost-effectiveness, and environmental impact of these materials, underlining their potential for large-scale deployment. By synthesizing recent progress and identifying challenges, this work delivers a roadmap for the model and application of multifunctional electrocatalysts, fostering innovations that align with the goals of sustainable energy systems.