I would definintely consider built-ins along the left wall. Perhaps lower area with some tilt-out hamper doors for bulky toys, stuffed animals, and/or dirty clothes. Some counter space could be worked in for display or a desk area. the upper area could be a variety of shelves, white board, bulletin board, and an area dedicated for television, gaming, or entertainment.

Don't know the style of the bed or room, but roll-out drawers or containers under the bed might be an option to utilize otherwise wasted space. That's just a couple placeds to start.

You can really go crazy with them and make more storage than you'll ever need.

They don't even have to be rectangular (just make sure everyone knows there's no climbing allowed)

Everything needs a home but what kind of home? Can the room be zoned? If your child is visual (and/or has ADHD), closed storage might be a losing battle. (Out of sight, out of mind.) If you go with the affordable and versatile option of storage cubbies, the bins can be identified with polaroids of the items or pictures. Make sure it's as easy to put things away as it is to take them out. Hooks are often easier than hangers, for example. Dresser drawers can benefit from dividers or little bins where socks and underwear can be unceremoniously dumped in them. Consider the "one in, one out" rule with toys to keep it manageable. Observe your child at play to see what gets used and what's forgotten. Can the stuff be pared down?

ETA: Here are some ideas for storing Legos.

Check Pinterest for toy-specific storage ideas but remember to keep it simple. No need for contrived systems. Kids have been known to outgrow their favourite toys (;-)) and you don't want to be stuck with expensive custom-designed solutions that aren't versatile. Just remembered one inexpensive doll storage solution I'd seen: clear shoe organizers behind the door for Barbies and the like.

I've been working with kids in recreation for over 25 years now and have to organize tons of materials and playthings. Beware deep, opaque baskets or bins - small stuff gets lost in the bottom and then kids dump everything out everywhere looking for it, or just give up looking and stuff gets "lost". IMPE, clear plastic containers are best - maybe not so pretty, but they can be hidden in cupboards and closets. The clear sides and bottom make it easier to find things without dumping out. Shelving is essential too. Freestanding shelves should be low, for safety.

FWIW, my 2 cents.

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These Ikea shoe cabinets are amazing! They can hold many different items- yet take up little space. They tilt out and close easily. We have them in our mud-room for all our outdoor shoes and I am beyond thrilled with how they look and how they function.

I have 2 7yr old grandkids and get the mountains of stuff issue. It's overwhelming for both child and parent. I find storing things in smaller quantities helpful vs huge bins. Clear boxes are a great idea as are the pretty labelled shoe boxes that you can get in many dollar or craft stores. The other thing to consider is a rotating toy system where you store 1/2 or 1/3 of the toys in another part of your home/garage and change them out once a month or so. Sort of like a library book concept. This works well if the child has multiple items in the same category. Our community centre has an actual toy library where kids can borrow items for a few weeks..nice for those with limited space and funds.