Lithium borohydride (LiBH4) has been attracting extensive attention as an exemplary high‐capacity complex hydride for solid‐state hydrogen storage applications because of its high hydrogen capacities (18.5 wt% and 121 kg H2 m−3). However, the strong and highly directional covalent and ionic bonds within LiBH4 structure induce high desorption temperatures, slow kinetics, and poor reversibility, which make large‐scale application impractical. To improve its hydrogen cycling performance, several strategies including cation/anion substitution, catalyst doping, reactive compositing, and nanoengineering, have been developed to tailor the thermodynamics and kinetics of hydrogen storage process. For example, largely reduced operation temperatures and remarkably improved hydrogen storage reversibility under moderate conditions have been achieved by the synergistic effect of nanostructuring and nanocatalysis. Herein, the state‐of‐the‐art development of LiBH4‐based hydrogen storage materials is summarized, including the basic physical and chemical properties, the principles of thermodynamic and kinetic manipulation and the strategies to improve hydrogen storage properties. The remaining challenges and the main directions of future research are also discussed.