Conventional lithium‐ion batteries (LIBs) are constantly evolving to improve their electrochemical performance and safety. In the past decade, research on electrode and electrolyte materials has significantly promoted the development of conventional LIBs. However, the current collector (CC) in conventional LIBs has not received sufficient attention. As a transfer unit that collects and disperses electrons from electrodes and transports them to the load, the performance of the CC significantly affects the performance of LIBs. This article reviews the impact of the CC on the electrochemical performance and safety of conventional LIBs in four aspects: CC requirements, manufacturing process, surface coating modification, and multifunctionalized CCs. Meanwhile, this review provides an objective summary and prospect on the transition from single‐functionality to multifunctionality requirements for CC, as well as the future needs for CC development and the technical hurdles that should be overcome. The article focuses on providing a detailed insight into the important impact of CCs on conventional LIBs, which has not received enough attention in the past. It emphasizes the need and urgency for the development of multifunctional CCs to provide new ideas for improving the performance of conventional LIBs.