The battery is the most ideal power source of the twenty-first century, and has a bright future in many applications, such as portable consumer electronics, electric vehicles (EVs), military and aerospace systems, and power storage for renewable energy sources, because of its many advantages that make it the most promising technology. EVs are viewed as one of the novel solutions to land transport systems, as they reduce overdependence on fossil energy. With the current growth of EVs, it calls for innovative ways of supplementing EVs power, as overdependence on electric power may add to expensive loads on the power grid. However lithium-ion batteries (LIBs) for EVs have high capacity, and large serial/parallel numbers, when coupled with problems like safety, durability, uniformity, and cost imposes limitations on the wide application of lithium-ion batteries in EVs. These LIBs face a major challenge of battery life, which research has shown can be extended by cell balancing. The common areas under which these batteries operate with safety and reliability require the effective control and management of battery health systems. A great deal of research is being carried out to see that this technology does not lead to failure in the applications, as its failure may lead to catastrophes or lessen performance. This paper, through an analytical review of the literature, gives a brief introduction to battery management system (BMS), opportunities, and challenges, and provides a future research agenda on battery health management. With issues raised in this review paper, further exploration is essential.