Energy storage systems provide viable solutions for better efficiency, improved power quality and reliability issues in DC/AC power systems including power grids with considerable penetration of renewable energy. It is also essential for shipboard power systems, aircraft powertrains, electric vehicles and hybrid electric vehicles to meet the peak load economically and improve the system's reliability and efficiency. Depending on the application and the required power and energy of the system, the storage devices should be selected. Moreover, the system cost, weight, space as well as its maintenance are the other factors that should be considered when a storage system is designed. This paper focuses on the latest technology development of high power storage devices e.g. supercapacitor, superconductive magnetic energy storage (SMES) and flywheels. These storage systems are able to efficiently provide very high power for a short duration of time and are suitable for a system with frequent and rapid charge and discharge characteristics. This paper also presents the detailed application of these storage technologies in a power grid and transportation system as well as critical loads and pulse loads.