Flywheels serve as kinetic energy storage and retrieval devices with the ability to deliver high output power at high rotational speeds as being one of the emerging energy storage technologies available today in various stages of development, today fly wheels are used to reduce costs, design for light-weight and limited-life for all vehicles. In this paper we discussed about the different types of flywheels used in the automobile industries and its applications. Proposed Computer aided analysis and optimization procedure results show that smart design of flywheel geometry could both have a significant effect on the Specific Energy performance and reduce the operational loads exerted on the shaft/bearings due to reduced mass at high rotational speeds. This paper specifically studies the most common three different geometries In this paper we also summarize different types of flywheel in a tabular form. The finite element model of flywheel is considered and the analysis is done with the help of ANSYS package.