Hydrogen is gaining global attention as a green and clean fuel because of its production through multiple sustainable sources. The hydrogen economy consists of production, storage, delivery, and applications. Hydrogen has some associated risk hazards potential for fire and explosion such as the wide flammability range in air, high flame speed, and low minimum ignition energy. Therefore, this paper conducts a review and analysis of related challenges in hydrogen safety management. This review study discusses and then summarizes the current status of hydrogen storage technologies with the main focus on challenges in applications of metal hydrides. This review covers the technologies related to risk assessment of hydrogen storage in metal hydrides. The quantitative risk assessment is briefly discussed along with an analysis of past risk studies in hydrogen release and dispersion. As mentioned in several literature review studies, the scarcity of hydrogen-specific incident data limits the validity of risk analysis findings. With this context, the current status of hydrogen accident data is discussed, and the possible paths in data collection are proposed. Finally, some recommendations and potential areas for future research are given for developing new storage technologies and improving the safety of hydrogen storage systems.