Energy is undeniably one of the most fundamental requirements of the current generation. Solar and wind energy are sustainable and renewable energy sources; however, their unpredictability points to the development of energy storage systems (ESSs). There has been a substantial increase in the use of batteries, particularly lithium-ion batteries (LIBs), as ESSs. However, low rate capability and degradation due to electric load in long-range electric vehicles are pushing LIBs to their limits. As alternative ESSs, magnesium-ion batteries (MIBs) possess promising properties and advantages. Cathode materials play a crucial role in MIBs. In this regard, a variety of cathode materials, including Mn-based, Se-based, vanadium-and vanadium oxide-based, S-based, and Mg 2+ -containing cathodes, have been investigated by experimental and theoretical techniques. Results reveal that the discharge capacity, capacity retention, and cycle life of cathode materials need improvement. Nevertheless, maintaining the long-term stability of the electrode−electrolyte interface during high-voltage operation continues to be a hurdle in the execution of MIBs, despite the continuous research in this field. The current Review mainly focuses on the most recent nanostructured-design cathode materials in an attempt to draw attention to MIBs and promote the investigation of suitable cathode materials for this promising energy storage device.