LiCoO2, discovered as a lithium‐ion intercalation material in 1980 by Prof. John B. Goodenough, is still the dominant cathode for lithium‐ion batteries (LIBs) in the portable electronics market due to its high compacted density, high energy density, excellent cycle life and reliability. In order to satisfy the increasing energy demand of portable electronics such as smartphones and laptops, the upper cutoff voltage of LiCoO2‐based batteries has been continuously raised for achieving higher energy density. However, several detrimental issues including surface degradation, damages induced by destructive phase transitions, and inhomogeneous reactions could emerge as charging to a high voltage (>4.2 V vs Li/Li+), which leads to the rapid decay of capacity, efficiency, and cycle life. In this review, the history and recent advances of LiCoO2 are introduced, and a significant section is dedicated to the fundamental failure mechanisms of LiCoO2 at high voltages (>4.2 V vs Li/Li+). Meanwhile, the modification strategies and the development of LiCoO2‐based LIBs in industry are also discussed.