Lithium-ion batteries (LiBs) are a proven technology for energy storage systems, mobile electronics, power tools, aerospace, automotive and maritime applications. LiBs have attracted interest from academia and industry due to their high power and energy densities compared to other battery technologies. Despite the extensive usage of LiBs, there is a substantial fire risk associated with their use which is a concern, especially when utilised in electric vehicles, aeroplanes, and submarines. This review presents LiB hazards, techniques for mitigating risks, the suppression of LiB fires and identification of shortcomings for future improvement. Water is identified as an efficient cooling and suppressing agent and water mist is considered the most promising technique to extinguish LiB fires. In the initial stages, the present review covers some relevant information regarding the material constitution and configuration of the cell assemblies, and phenomenological evolution of the thermal runaway reactions, which in turn can potentially lead to flaming combustion of cells and battery assemblies. This is followed by short descriptions of various active fire control agents to suppress fires involving LiBs in general, and water as a superior extinguishing medium in particular. In the latter parts of the review, the phenomena associated with water mist suppression of LiB fires are comprehensively reviewed.