Soluble lead redox flow batteries (SLEFBs) are attractive for their undivided flow channel design over other flow battery chemistries, which require an expensive membrane/separator. In an SLRFB, lead metal and lead dioxide are plated on the negative and positive electrodes from a single electrolyte reservoir containing soluble lead(II) species. Although the membrane-less cell configuration bestows SLRFBs cost-effectiveness over other flow batteries, there are challenges associated with the plating of PbO2, Pb dendrite formation, and the presence of parasitic reactions. This review focuses mainly on the present status and major challenges of SLRFBs. The solutions to prevent the dendritic growth of Pb metal, accelerate the redox kinetics of Pb2+/PbO2 redox couple, and suppress the oxygen evolution at cathode are discussed in detail. The role of electrolyte concentration, electrolyte additives, current density, charging time, and temperature on the phase change and surface morphology of the PbO2 electrodeposit are extensively reviewed. In addition, the modification to the electrolyte in terms of the additive chemistry improving the electrochemical performance and cycle life of SLRFBs are discussed. Finally, the aspects of cell design on improving the performance at a lab-scale as well as stack level are highlighted.