The nature of dark matter (DM) and dark energy (DE) which is supposed to constitute about 95% of the energy density of the universe is still a mystery. There is no shortage of ideas regarding the nature of both. While some candidates for DM are clearly ruled out, there is still a plethora of viable particles that fit the bill. In the context of DE, while current observations favour a cosmological constant picture, there are other competing models that are equally likely. This paper reviews the different possible candidates for DM including exotic candidates and their possible detection. This review also covers the different models for DE and the possibility of unified models for DM and DE. Keeping in mind the negative results in some of the ongoing DM detection experiments, here we also review the possible alternatives to both DM and DE (such as MOND and modifications of general relativity) and possible means of observationally distinguishing between the alternatives.
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