High-entropy materials (HEMs) constitute a revolutionary class of materials that have garnered significant attention in the field of materials science, exhibiting extraordinary properties in the realm of energy storage. These equimolar multielemental compounds have demonstrated increased charge capacities, enhanced ionic conductivities, and a prolonged cycle life, attributed to their structural stability. In the anode, transitioning from the traditional graphite (372 mAh g−1) to an HEM anode can increase capacity and enhance cycling stability. For cathodes, lithium iron phosphate (LFP) and nickel manganese cobalt (NMC) can be replaced with new cathodes made from HEMs, leading to greater energy storage. HEMs play a significant role in electrolytes, where they can be utilized as solid electrolytes, such as in ceramics and polymers, or as new high-entropy liquid electrolytes, resulting in longer cycling life, higher ionic conductivities, and stability over wide temperature ranges. The incorporation of HEMs in metal–air batteries offers methods to mitigate the formation of unwanted byproducts, such as Zn(OH)4 and Li2CO3, when used with atmospheric air, resulting in improved cycling life and electrochemical stability. This review examines the basic characteristics of HEMs, with a focus on the various applications of HEMs for use as different components in lithium-ion batteries. The electrochemical performance of these materials is examined, highlighting improvements such as specific capacity, stability, and a longer cycle life. The utilization of HEMs in new anodes, cathodes, separators, and electrolytes offers a promising path towards future energy storage solutions with higher energy densities, improved safety, and a longer cycling life.