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Composite of dextrose-derived oxygen-rich carbon spheres and graphene oxide, synthesised using a cost-effective and easy hydrothermal process, was used as an active material in two of the trending and promising energy storage devices. The surface morphology and properties of the composite were studied using scanning electron microscope, X-ray diffractometer, energy dispersive X-ray analysis, elemental mapping and Raman spectra. To analyse the electrochemical behaviour of the material, several electrochemical techniques such as cyclic voltammetry (CV), chronopotentiometry, electrochemical impedance spectroscopy (EIS) and potentiodynamic polarisation study were used. The reversibility of Fe2+/Fe3+ redox species and resistance offered by electrolyte towards the modified electrode were studied using CV, EIS and Tafel studies. Further evaluation of efficacy of the active material towards the iron redox flow battery (IRFB) of 132 cm2 area was analysed by performing charge discharge studies at varied current densities. Substantial increase in the electrochemical performance of the IRFB with a coulombic efficiency (CE) 93% along with the good life cycle stability up to 25 cycles was observed. The composite was also used as a superior electrode material for supercapacitor application resulting in significant enhancement in the electrochemical performance with specific capacitance of 610 F g−1 and CE of 83% with 93% retention up to 1600 cycles.