Agricultural residues are generally considered as renewable, economical and environmental-friendly sources to produce carbon-based materials with many advanced applications. Agricultural residues and by-products generated from the agricultural industry, such as distiller's dried grains with solubles (DDGS), are produced every year on a large scale but lack of proper utilization. As a result, seeking high-value applications based on agricultural residues is essential for the promotion of the economy in agricultural states like North Dakota, USA. With the fast development of nanotechnology in recent years, carbon-based nanomaterials have attracted intense research interests in the fields of chemistry, materials science and condensed matter physics due to many unique properties (e.g., chemical and thermal stability, electrical conductivity, mechanical strength, etc.). The development of low-cost nanomaterials using agricultural residues as feedstocks can be a promising route for the sustainable development of the agricultural industry. In this dissertation, the preparation of carbon-based materials from agricultural residues is explored. Many advanced applications are investigated, especially in the field of energy storage devices. The development of porous activate carbons were investigated in detail, and their application as electrode materials of supercapacitors was demonstrated. Hydrothermal carbonization of biomass to produce carbonaceous materials was also covered in this dissertation. In addition to traditional raw materials such as cellulose produced from wood industry, novel material sources such as bacterial cellulose were used to prepare nanocomposites that can be used for the electrodes of supercapacitors. This dissertation contributes to the sustainable development of the agricultural industry in North Dakota.