lithium-ion battery (LIB) is at the forefront of energy research. Over four decades of research and development have led electric mobility to a reality. Numerous materials capable of storing lithium reversibly, either as an anode or as a cathode, are reported on a daily basis. But very few among them, such as LiCoO2, lithium nickel manganese cobalt oxide (Li-NMC) variants (LiNi0.33Mn0.33Co0.33O2, LiNi0.5Mn0.3Co0.2O2, LiNi0.6Mn0.2Co0.2O2, and LiNi0.8Mn0.1Co0.1O2), LiNi0.8Co0.15Al0.05O2, LiFePO4, graphite, and Li4Ti5O12 are successful at commercial scale. Future energy requirements demand a push in the energy density of LIBs to meet the criteria of electric aviation, power trains, stationary grids, etc. All these applications have different needs which cannot be satisfied by a particular set of materials. Therefore, various materials need to be utilized in widespread fields of battery applications in the near future. This review discusses potential cathode materials that show a capacity of ≥ 250 mAh g-1 (Li-rich oxides, conversion materials, etc.) or average voltage of ≥ 4 V vs. Li+/Li (polyanionic materials, spinel oxides, etc.). Failure mechanisms, challenges, and way-outs to overcome all the issues are put forward to determine commercial viability.