Metal-organic frameworks (MOFs) have emerged as a transformative class of materials, offering unprecedented versatility in applications ranging from energy storage to environmental remediation and photocatalysis. This groundbreaking review navigates the recent advancements in MOFs, positioning them against traditional materials to underscore their unique strength and potential drawbacks. In the context of energy storage, particularly within the realm of supercapacitors (SCs), MOF-based electrodes are evaluated for their superior specific capacitance (exceeding 1000 F/g), although these benefits are tempered by higher production cost. A comparative analysis with conventional activated carbon (AC) electrodes reveals MOFs' enhanced performance but also highlights cost as a significant barrier to widespread adoption. In carbon capture and storage (CCS), MOFs are contrasted with established liquid-amine technologies, with MOFs demonstrating environmental benefits, including the ability to achieve high-purity CO2 collection (>99%), despite higher expenses. Similarly, in photocatalysis, while titanium dioxide remains dominant, MOFs are shown to offer competitive performance with a reduced environmental footprint, though cost considerations again play a decisive role. This review not only consolidates the current state of MOF research but also identifies critical gaps, particularly in cost-effectiveness, that must be addressed to enable broader application. The findings advocate for continued innovation in MOF synthesis and production, with an emphasis on achieving a balance between performance and affordability. In summary, this review highlights the pivotal role of MOFs in advancing materials science and underscores the need for holistic approaches in material selection, with a forward-looking perspective on sustainable and economical production methods.