Lithium ion batteries have been pivotal in the development of mobile electronic devices such as laptops and mobile phones, and are now poised to make a significant impact in transportation applications, for example, in hybrid and plug‐in hybrid electric vehicles, and in applications on the electric grid. The push to develop new batteries for these diverse applications has lead to a wealth of new electrode chemistries. Yet, issues such as safety, cycle life, capacity, and power remain the specific concerns, depending very strongly on the chemistries and materials used as electrode materials in the different batteries. Thus, in order for these materials to be used in practical devices and to develop insight into how these materials function, we need to understand not only the structures of the as‐synthesized materials but also how they change during the cycling of the lithium ion battery. To this end, nuclear magnetic resonance (NMR) spectroscopy has played an important role in characterizing the local structures and dynamics of these materials. This review article provides a summary of some of the more recent applications of this methodology in this field. We focus on the use of NMR to study both positive and negative electrode materials, and show how this technique has helped understand the origins of the performance of a given material. The analysis of electrode materials, reacting via more traditional intercalation reactions, is covered in the first half of the article, whereas the second part is devoted to newer chemistries and reaction mechanisms, which offer the prospect of much needed improvements in energy density of Lithium ion batteries.