Solar energy is the most viable and abundant renewable energy source. Its intermittent nature and mismatch between source availability and energy demand, however, are critical issues in its deployment and market penetrability. This problem can be addressed by storing surplus energy during peak sun hours to be used during nighttime for continuous electricity production in concentrated solar power (CSP) plants. This article reviews the thermal energy storage (TES) for CSPs and focuses on detailing the latest advancement in materials for TES systems and advanced thermal fluids for high energy conversion efficiency. Problems of TES systems, such as high temperature corrosion with their proposed solutions, as well as successful implementations are reported. The article also reviews the economic analysis on CSP plants with TES systems and life-cycle assessment to quantify the environmental impacts of different TES systems.