Over the past decade, lithium‐ion batteries (LIBs) have been widely applied in consumer electronics and electric vehicles. Polymer electrolytes (PEs) play an essential role in LIBs and have attracted great interest for the development of next‐generation rechargeable batteries with high energy density. Due to the several practical applications of LIBs and high demands for LIBs performance, many state‐of‐the‐art PEs with different structures and functionalities have been developed to regulate the LIBs performance, especially their rate capability, cycling durability, and lifespan. In this review, the recent advances in high‐performance LIBs prepared using well‐defined PEs are summarized. The ion‐transport mechanisms and preparation techniques of various well‐defined PE classes compared to conventional PEs are also discussed. The aim is to elucidate the structure code for advanced PEs with optimized properties, including ionic conductivity, mechanical properties, processability, accessibility, etc. The existing challenges and future perspectives are also discussed, setting the basis for designing novel PEs for energy conversion applications.