The rapid expansion of electric vehicles and mobile electronic devices is the main driver for the improvement of advanced high-performance lithium-ion batteries (LIBs). The electrochemical performance of LIB depends on the specific capacity, rate performance and cycle stability of the electrode material. In terms of the enhancement of LIB performance, the improvement of anode material is also significant compared with cathode material. There are still some challenges in producing an industrial anode material that is superior to commercial graphite. Based on the different electrochemical reaction mechanisms of anode materials for LIBs during charge and discharge, the advantages/disadvantages and electrochemical reaction mechanisms of intercalation-type anode materials, conversion-type anode materials and alloying-type anode materials are summarized in detail. The methods and strategies for improving electrochemical performance of different types of anode materials are emphatically described. Finally, the challenges to the future development of LIBs will be considered. This review can offer meaningful reference value for the construction and performance optimization of anode materials for LIBs.