Currently, the main drivers for developing Li-ion batteries for efficient enery applications include energy density, cost, calendar life, and safety. The high energy/capacity anodes and cathodes needed for these applications is hindered by challengers like: 1) aging and degradation; 2) improved safety; 3) material costs, and 4) recyclability. The present begins by summarising the progress made from early Li-metal anode-based batteries to current commercial Li-ion batteries. Then discusses the recent progress made in studying and developing various types of materials for both anode and cathode electrodes, as well the various types of electrolytes and separator materials developed specifically for Li-ion battery operation. Battery management, handling and safety are also discussed at length. Also, as a consequence of the exponentially growth in the production of Li-ion batteries over the last ten years, the review identifies the challenge of dealing with the ever-increasing quantities of spent batteries. The review identifies the economic value of metals like Co and Ni contained with batteries and the extremely large numbers of batteries produced to date and the extremely large numbers that are expected to be manufactured in the next ten years. Thus, highlighting the need to develop effective recycling strategies to reduce the levels of mining for raw materials and prevents harmful products from entering the environment through landfill disposal.