The working mechanism of a dual-ion battery (DIB) differs from that of a lithium-ion battery (LIB) in that the anions in the electrolyte of the former can be intercalated as well. Researchers have been paying close attention to this device because of its high voltage, low price, and environmental friendliness. However, DIBs are still in their early research stages, and numerous issues need to be addressed and investigated further. Initially, this Review explains how DIBs work in principle and discusses the progress of electrode materials for cathode and anode. Furthermore, since the electrolytes used as the active material, as well as anion, solvent, and additives, have a significant impact on the DIB's capacity and voltage, the current status is also presented in terms of electrolytes, followed by an outlook on confronting the challenges. A comprehensive summary from electrode to electrolyte will guide the development of next-generation DIBs.