The world is still largely dependent on oil and natural gas for its energy requirements which are harmful to the environment; therefore, it is high time that we look for alternative technologies for our growing energy needs. One such emerging area is fuel cell technology which produces clean energy in the form of electrical power. Integrating a Metal Hydride Hydrogen Storage (MHHS) system with a fuel cell can help increase energy efficiency. The heat dissipated during hydrogen absorption in MHHS can be used in other applications. In this paper, energy and exergy analysis of a fuel cell-based integrated system is performed. The system presents a Reversible Proton Exchange Membrane Fuel Cell capable of working in dual modes, i.e., as an Electrolyser as well as a fuel cell. The MHHS and Vapour Absorption Refrigeration System (VARS) are coupled with a reversible fuel cell for hydrogen storage and cooling applications, respectively. While working in the fuel cell mode, maximum efficiency of 47.84% is evaluated at 80 °C. The system efficiency with and without the VARS system at 80 °C was 73.29% and 47.84%, respectively. On the contrary, in the electrolyzer mode, the maximum efficiency comes out to be 85.65%. The use of the MHHS system for hydrogen storage results in excess heat release, and as a result, the overall efficiency of the electrolyzer was increased to 94.05%.