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It is predicted that the continuously increasing demand for the energy-critical element of lithium will soon exceed its availability, rendering it a geopolitically significant resource. The present work critically reviews recent reports on Li+ selective membranes. Particular emphasis has been placed on the basic principles of the materials’ design for the development of membranes with nanochannels and nanopores with Li+ selectivity. Fundamental and practical challenges, as well as prospects for the targeted design of Li+ ion-selective membranes are also presented, with the goal of inspiring future critical research efforts in this scientifically and strategically important field.