Hollow nanostructured materials are suitable for electrochemical reactions because of their unique internal cavity and short transport path. Carbon-based nanomaterials, including simplex carbon materials, heteroatom-doped carbon materials, carbon-transition metal nanoparticle composites, and carbon-transition metal compound composites, are promising electrode materials because of their high conductivity and stable structure. Hollow carbon-based nanomaterials, which possess the features of the aforementioned materials, have become a research hotspot in electrochemical energy storage and electrocatalysis. The excellent characteristics of metal–organic frameworks (MOFs) make them an ideal material for constructing hollow carbon-based nanomaterials. In this article, the process of preparing MOF-derived hollow carbon-based materials and their applications in electrochemical energy storage and electrocatalysis are reviewed. First, the various methods for preparing MOF-derived hollow carbon-based materials are introduced, and the characteristics of each method are analyzed. Second, the applications of MOF-derived hollow carbon-based materials in the oxygen evolution reaction, oxygen reduction reaction, hydrogen evolution reaction, lithium-ion batteries, sodium-ion batteries, lithium–sulfur batteries, and supercapacitors are analyzed and summarized. Finally, research directions for further development of MOF-derived hollow carbon-based materials are proposed.