The escalating energy challenges and their adverse environmental repercussions have stimulated researchers to explore renewable and sustainable energy sources instead of conventional fossil fuels. Hydrolysis or water splitting has been recognized as efficient comparative to fossil fuels because of the high energy density carrier and environmentally friendly nature. Many hydrolytic materials have been explored but still facing challenges such as sluggish hydrogen kinetics, formation of surface passivation layers and low yield. Hydrolysis of metals has been thoroughly investigated for the production of hydrogen due to its versatile properties, like safe storage and effective supply of hydrogen in a sustainable manner. A variety of methods have been proposed to improve the efficiency, including alloying, changing aqueous solutions, structure of material, and composite formation, however, there is a pressing need to create affordable and environment-friendly materials which is lacking. The current review provides a comprehensive evaluation of recent research contributions of carbonaceous materials for hydrogen generation, particularly their potential as a catalyst for Mg-based materials hydrolysis. Carbon-based materials have abundance, cost-effectiveness, chemical stability, attractive band structure, and easy preparation methods making them an ideal catalytic candidate for metal hydrolysis. Graphene, graphene oxide, carbon nanotubes, carbide and carbon-based composite are employed as catalysts for Mg-based materials hydrolysis. The goal of this study is to inspire readers to research the environmentally friendly production of hydrogen using carbon-based materials.