This thesis deals with out-of-equilibrium transport phenomena in strongly correlated low-dimensional fermionic systems, with special emphasis on π-conjugated molecular materials. The focus of this work is to study real-time dynamics of spin and charge transport in these systems in order to investigate non-equilibrium transport in single-molecule electronic and spintronic devices. Chapter 1 describes the electronic structure and dynamics of strongly correlated fermionic systems in general, and in one-dimension, in particular. For this purpose, effective low-energy model Hamiltonians (used in this work) are discussed. Whenever applicable, approximate analytical and numerical methods commonly used in the literature to deal with these model Hamiltonians, are outlined. In the context of one-dimensional strongly correlated fermionic systems, analytical techniques like the Bethe ansatz and bosonization, and numerical procedures like exact diagonalization and DMRG, used for solving finite systems, are discussed in detail. Chapter 2 provides an overview of the different zero-temperature (T = 0) time-dependent DMRG algorithms, which have been used to study out-of-equilibrium time-dependent phenomena in low-dimensional strongly correlated systems. In Chapter 3 we employ the time-dependent DMRG algorithm proposed by Luo, Xiang and Wang [Phys. Rev. Lett. 91, 049701 (2003)], to study the role of dimerization and electronic correlations on the dynamics of spin-charge separation. We employ the H¨uckel and Hubbard models for our studies. We have modified the algorithm proposed by Luo et. al to overcome some of its limitations. Chapter 4 presents a generalized adaptive time-dependent density matrix renormalization group (DMRG) scheme developed by us, called the Double Time Window Targeting (DTWT) technique, which is capable of giving accurate results with lesser computational resources than required by the existing methods. This procedure originates from the amalgamation of the features of pace keeping DMRG algorithm, first proposed by Luo et. al, [Phys.Rev. Lett. 91, 049701 (2003)], and the time-step targeting (TST) algorithm by Feiguin and White [Phys. Rev. B 72, 020404 (2005)]. In chapter 5 we apply the Double Time Window Targeting (DTWT) technique, which was discussed in the previous chapter, for studying real-time quantum dynamics of spin-charge separation in π-conjugated polymers. We employ the Pariser-Parr-Pople (PPP) model which has long-range electron-electron interactions. For investigating real-time dynamics of spin and charge transport, we inject a hole at one end of polyene chains of different lengths and study the temporal evolution of its spin and charge degrees of freedom, using the DTWT td-DMRG algorithm. Chapter 6 we investigate the effect of terminal substituents on the dynamics of spin and charge transport in donor-acceptor substituted polyenes (D- (CH)x- A) chains, also known as push-pull polyenes. We employ long-range correlated model Hamiltonian for the D- (CH)x- A system and, real-time DMRG dynamics for time propagating the wave packet obtained by injecting a hole at a terminal site in the ground state of the system. Our studies reveal that the end groups do not affect the spin and charge velocities in any significant way, but change the amount of charge transported. We have compared these with the polymethineimine (CN)x system in which besides electron affinities, the nature of pz orbitals in conjugation also alternate from site to site. Chapter 7 presents our investigation on the effect of static electron-phonon coupling (dimerization) on the dynamics of spin-charge separation in particular, and transport in general, in π-conjugated polyene chains. The polyenes are modeled by the Pariser-Parr-Pople Hamiltonian, having long-range electron-electron correlations. Our studies reveal that spin and charge velocities depend both on the chain length and dimerization. The spin and charge velocities increase as dimerization increases, but the amount of charge and spin transported along the chain decrease with enhancement in dimerization. Furthermore, in the range 0.3≤ δ≤0.5, it is observed that the dynamics of spin-charge separation becomes complicated, and the charge degree of freedom is affected more by electron-phonon coupling compared to the spin degree of freedom.