In recent years, energy storage and conversion have become key areas of research to address social and environmental issues, as well as practical applications, such as increasing the storage capacity of portable electronic storage devices. However, current commercial lithium-ion batteries suffer from low specific energy and high cost and toxicity. Conversion-type cathode materials are promising candidates for next-generation Li metal and Li-ion batteries (LIBs). Metal fluoride materials have shown tremendous chemical tailorability and exhibit excellent energy density in LIBs. Batteries based on such electrodes can compete with other envisaged alternatives, such as Li-air and Li-S systems. However, conversion reactions are typically multiphase redox reactions with mass transport phenomena and nucleation and growth processes of new phases along with interfacial reactions. Therefore, these reactions involve nonequilibrium reaction pathways and significant overpotentials during the charge-discharge process. In this review, we summarize the key challenges facing metal fluoride cathode materials and general strategies to overcome them in cells. Different synthesis methods of metal fluorides are also presented and discussed in the context of their application as cathode materials in Li and LIBs. Finally, the current challenges and future opportunities of metal fluorides as electrode materials are emphasized. With continuous rapid improvements in the electrochemical performance of metal fluorides, it is believed that these materials will be used extensively for energy storage in Li batteries in the future.