In the present scenario of fast-paced world, Lithium-ion batteries (LIBs) are perhaps the most widely supported forms of energy storage in the world because of their easy accessibility and reliability. At present, LIBs are the dominant battery technology and are extensively utilised in the sector of transportable electronics automotive, and hybrid electric vehicles due to their desirable characteristics for instance high efficiencies, an elongated life cycle, elevated power and energy densities. Therefore, to satisfy the growing requirements for the storage of energy, especially from the growing popularity of electric vehicles, massive research and development efforts are essential for manufacturing the LIB of the foreseeable future with significantly enhanced outcomes. These performances include better stability, safety, charging rate, cyclability, specific energy, and volumetric energy density. However, there continue to be a number of significant obstacles to overcome in the process of developing next-generation LIBs. To go beyond the capabilities of LIB in the upcoming years, new battery concepts will need to be further developed. Regarding LIB, the primary goals of the current book chapter are to first present an overview of the fundamental ideas involved, and embrace the most recent advancements in the related field that have been made and also challenges in LIBs included. A concise discussion on the latest developments in active anode and cathode and inactive electrolyte, separator, binder, and current collector materials presently utilized in commercialized LIBs is also included in this chapter.