The article provides an overview of lithium-ion battery technology, highlighting its current status and future prospects. Lithium-ion batteries have become dominant in portable electronics and are increasingly being used in electric vehicles and grid energy storage. The performance parameters, such as energy density, power, cycle life, cost, safety, and environmental impact, are crucial for various applications. The current technology relies on insertion-reaction electrodes and organic liquid electrolytes, but efforts are underway to enhance these through new electrode materials, solid electrolytes, and lithium metal anodes. The article discusses the limitations of current anode and cathode materials, such as graphite anodes and layered LiMO2 cathodes, and the challenges associated with increasing their operating voltages and charge-storage capacities. It explores the potential of conversion-reaction anodes and cathodes, which offer higher capacities but face issues like volume changes and SEI formation. The focus is also on high-nickel layered oxide cathodes, which have shown promise in increasing capacity and energy density. The article concludes by outlining near-term strategies, including the development of high-nickel layered oxide cathodes, liquid electrolytes that form stable SEI layers, and innovations in cell engineering and system integration to improve safety, cycle life, and affordability.The article provides an overview of lithium-ion battery technology, highlighting its current status and future prospects. Lithium-ion batteries have become dominant in portable electronics and are increasingly being used in electric vehicles and grid energy storage. The performance parameters, such as energy density, power, cycle life, cost, safety, and environmental impact, are crucial for various applications. The current technology relies on insertion-reaction electrodes and organic liquid electrolytes, but efforts are underway to enhance these through new electrode materials, solid electrolytes, and lithium metal anodes. The article discusses the limitations of current anode and cathode materials, such as graphite anodes and layered LiMO2 cathodes, and the challenges associated with increasing their operating voltages and charge-storage capacities. It explores the potential of conversion-reaction anodes and cathodes, which offer higher capacities but face issues like volume changes and SEI formation. The focus is also on high-nickel layered oxide cathodes, which have shown promise in increasing capacity and energy density. The article concludes by outlining near-term strategies, including the development of high-nickel layered oxide cathodes, liquid electrolytes that form stable SEI layers, and innovations in cell engineering and system integration to improve safety, cycle life, and affordability.