This paper presents a comprehensive review of recent advances in thermal management strategies for lithium-ion batteries (LIBs), focusing on their application in electric vehicles (EVs) and energy storage systems. Effective thermal management is essential for ensuring the safety, performance, and longevity of LIBs. The review begins with an evaluation of industry-standard practices and their limitations, followed by a detailed examination of single-phase and multi-phase cooling approaches. It discusses successful implementations and challenges through relevant examples, and explores innovative materials and structures that enhance thermal efficiency, along with advanced sensors and thermal control systems for real-time monitoring. The paper addresses strategies for mitigating the risks of overheating and propagation, and highlights the significance of advanced models and numerical simulations in understanding long-term thermal degradation. The integration of machine learning algorithms is explored to enhance precision in detecting and predicting thermal issues. The review concludes with an analysis of challenges and solutions in thermal management under extreme conditions, including ultrafast charging and low temperatures. The study emphasizes the importance of advanced materials, innovative designs, and machine learning in improving the safety, performance, and durability of LIBs. It also highlights the critical role of thermal management systems in the sustainable development of EVs and energy storage systems. The review identifies key challenges in thermal management, such as low thermal conductivity of phase change materials (PCMs), and proposes solutions like hybrid systems combining liquid cooling with PCMs. The paper also discusses the application of intelligent technologies and machine learning in battery management systems, demonstrating their potential to improve battery safety, efficiency, and lifespan. The study concludes that continued research and development are essential to address the challenges in thermal management and to maximize the benefits of advanced technologies in LIBs.This paper presents a comprehensive review of recent advances in thermal management strategies for lithium-ion batteries (LIBs), focusing on their application in electric vehicles (EVs) and energy storage systems. Effective thermal management is essential for ensuring the safety, performance, and longevity of LIBs. The review begins with an evaluation of industry-standard practices and their limitations, followed by a detailed examination of single-phase and multi-phase cooling approaches. It discusses successful implementations and challenges through relevant examples, and explores innovative materials and structures that enhance thermal efficiency, along with advanced sensors and thermal control systems for real-time monitoring. The paper addresses strategies for mitigating the risks of overheating and propagation, and highlights the significance of advanced models and numerical simulations in understanding long-term thermal degradation. The integration of machine learning algorithms is explored to enhance precision in detecting and predicting thermal issues. The review concludes with an analysis of challenges and solutions in thermal management under extreme conditions, including ultrafast charging and low temperatures. The study emphasizes the importance of advanced materials, innovative designs, and machine learning in improving the safety, performance, and durability of LIBs. It also highlights the critical role of thermal management systems in the sustainable development of EVs and energy storage systems. The review identifies key challenges in thermal management, such as low thermal conductivity of phase change materials (PCMs), and proposes solutions like hybrid systems combining liquid cooling with PCMs. The paper also discusses the application of intelligent technologies and machine learning in battery management systems, demonstrating their potential to improve battery safety, efficiency, and lifespan. The study concludes that continued research and development are essential to address the challenges in thermal management and to maximize the benefits of advanced technologies in LIBs.