If you don't need especially deep shelves, installing recessed cabinets around your fireplace will give your room a smoothly integrated look. Working with a contractor, determine where the studs are on either side of the fireplace. You can install shelving in between each stud, either shallow shelves that simply recede into the wall or slightly deeper shelves that partially extend outward from the wall. Use paint, wallpaper or tile to give the shelving a seamless look with the rest of the wall.
Instead of displaying all your family photos on top of the mantel, per tradition, enlarge that prime real estate by building a cabinet above your fireplace. As for all fireside cabinetry work, you'll need to ensure that your plans fully abide by local fire codes. Because you'll be putting the cabinets directly over the chimney, it's also unlikely you'll be able to do recessed cabinetry. When designing the mantelpiece/cabinet combo, look for ways to streamline the shelves with the design of the fireplace, using harmonious lines, materials and colors.
Instead of focusing on the fireplace, take a more global view of the room when planning your cabinetry. For example, you might install a wall-to-wall row of cabinets and shelves, integrating its lines with the top of the fireplace. If your fireplace has a more prominent chimney, let it remain the room's visual focus. Avoid cluttering up the space around it by opting for sleek cabinets in the same color as the wall around them. Further integrate the cabinets into the room by picking up the colors of furnishings with accent decor, such as vases or sculptures, set on the cabinets or in open shelves.
Although you should give plenty of attention to aesthetics, your first concern when building around an operational fireplace is safety. In most places, the building codes regarding fireplaces apply on a statewide level, many of which are based on the guidelines set by the National Fire Protection Association. For example, the NFPA sets rules on the distance between the fireplace and certain flammable materials, as well as the acceptable materials and dimensions for mantelpieces and hearths. You may also be answerable to municipal or even community-wide building regulations. Consult with the applicable authorities before starting your project or buying any materials.