With the increasing global attention to environmental protection and sustainable development issues, the new energy vehicle industry is booming at an unprecedented rate, becoming a significant force in promoting the transformation of the green economy. As a core component of new energy vehicles, the performance optimisation and technological innovation of power batteries have become the top priority of industry research. The selection and optimisation of cathode materials are critical in determining the energy density, cycle life, safety performance, and cost-effectiveness of power batteries. Lithium nickel-cobalt-manganese (NCM), with its high specific capacity, high voltage platform, and cost advantage over other materials, stands out from many cathode materials and has become a hotspot of research in the field of power batteries and the preferred material for commercial application. NCM materials can achieve different performance balances by adjusting the ratios of the three elements, namely nickel, cobalt, and manganese, to satisfy the needs of various application scenarios. Therefore, this paper reviews the latest research progress in four aspects, namely, structural features, synthesis process, leading problems, and modification methods of several ternary materials with major compositions (NCM111, NCM523, NCM811), and also looks forward to and evaluates the prospect of their commercial application.