Today, the problem of energy shortage and climate change has urgently motivated the development of research engaged in improving the fuel efficiency of internal combustion engines (ICEs). Although many constructive alternatives—including battery electric vehicles (BEVs) and low-carbon fuels such as biofuels or hydrogen—are being put forward, they are starting from a very low base, and still face significant barriers. Nevertheless, 85–90% of transport energy is still expected to come from combustion engines powered by conventional liquid fuels even by 2040. Therefore, intensive passion for the improvement of engine thermal efficiency and decreasing energy loss has driven the development of reliable approaches and modelling to fully understand the underlying mechanisms. In this paper, literature surveys are presented that investigate the relative advantages of technologies mainly focused on minimizing energy loss in engine assemblies, including pistons and rings, bearings and valves, water and oil pumps, and cooling systems. Implementations of energy loss reduction concepts in advanced engines are also evaluated against expectations of meeting greenhouse gas (GHG) emissions compliance in the years to come.