Major support for the future energy storage and application will benefit from lithium‐ion batteries (LIBs) with high energy density and high power. LIBs are currently the most common battery type for most applications, but soon a broader range of battery types and higher energy densities will be available. In the near future, hundreds of millions of electric vehicles are expected to be on the road, and a large amount of cobalt will be depleted. Various kinds of batteries are developed today to store energy, including Li‐ion, lead‐acid, Ni‐MH, redox flow, Na‐ion, Mg‐ion, Li‐air, Al‐ion, Li/S, NC‐based batteries, Al‐based batteries, metal‐air batteries, solid‐state batteries, etc. There are several types of battery components, such as electrodes, electrolytes, separators, etc. Cell chemistry and component diversity will continue to increase with future generations of batteries. Next‐generation LIBs and sodium‐ion batteries are explored for their ability to reduce active ion loss and increase energy density by pre‐lithiation. To maximize the electrochemical system's performance, various scientific and technological approaches are needed to maximize the potential of battery chemistry.