The detection of low frequency band (100 nHz-100 mHz) and very low frequency band (300 pHz-100 nHz) gravitational waves (GWs) is important for exploration of the equation of state of dark energy and the co-evolution of massive black holes (MBHs) with galaxies. Most galaxies are believed to have a massive black hole in the galactic core. In the formation of these black holes, merging and accretion are the two main processes. Merging of massive black holes generate GWs which could be detected by space GW detectors and pulsar timing arrays (PTAs) to cosmological distances. LISA (Laser-Interferometric Space Antenna) is most sensitive to the frequency band 1 mHz-100 mHz, ASTROD-GW (ASTROD [Astrodynamical Space Test of Relativity using Optical Devices] optimized for Gravitation Wave detection) is most sensitive to the frequency band 100 nHz-1 mHz and PTAs are most sensitive to the frequency band 300 pHz-100 nHz. In this paper, we discuss the sensitivities and outlooks of detection of GWs from binary massive black holes in these frequency bands with an emphasis on ASTROD-GW. The GWs generated by the inspirals, merging and subsequent ringdowns of binary black holes are standard sirens to the cosmological distance. Using GW observations, we discuss the methods for determining the equation of state of dark energy and for testing the co-evolution models of massive black holes. ASTROD-GW is an optimization of ASTROD to focus on the goal of detection of GWs. The mission orbits of the 3 spacecraft forming a nearly equilateral triangular array are chosen to be near the Sun-Earth Lagrange points L3, L4 and L5. The 3 spacecraft range interferometrically with one another with arm length about 260 million kilometers. With 52 times longer in arm length compared to that of LISA, the strain detection sensitivity is 52 times better toward larger wavelength. The scientific aim is focused for gravitational wave detection at low frequency. The science goals include detection of GWs from MBHs, and Extreme-Mass-Ratio Black Hole Inspirals (EMRI), and using these observations to find the evolution of the equation of state of dark energy and to explore the co-evolution of massive black holes with galaxies.