Formal:
* Il fait un temps orageux. (This is the most literal and formal translation.)
Informal:
* Il y a de l'orage. (This is a more common and less formal way to say it.)
* Il fait mauvais temps. (This means "it's bad weather" and is a general way to say it's stormy.)
More specific:
* Il y a un gros orage. (This means "There is a big storm.")
* Il tonne et il éclaire. (This means "It's thundering and lightning.")
The best translation depends on the context of your sentence.