Over the past decade, sodium borohydride (NaBH₄) has been extensively investigated as a potential hydrogen storage material for fuel cell applications and other energy devices. For NaBH₄-H₂O fuel system the theoretical gravimetric hydrogen storage capacity is 10.8 wt.%, and H₂O provides half of the hydrogen generated. The successful utilization of NaBH₄ in energy system is dependent on the catalysts efficiency for NaBH₄ hydrolysis. In this review, the hydrogen storage technologies, the development of catalyst materials for NaBH₄ hydrolysis, the kinetics and mechanism of BH₄ˉ ions interaction with water on the catalyst surface are analyzed and discussed.