To pursue a higher energy density (>300 Wh kg−1 at the cell level) and a lower cost (<$125 kWh−1 expected at 2022) of Li‐ion batteries for making electric vehicles (EVs) long range and cost‐competitive with internal combustion engine vehicles, developing Ni‐rich/Co‐poor layered cathode (LiNi1−x−yCoxMnyO2, x+y ≤ 0.2) is currently one of the most promising strategies because high Ni content is beneficial to high capacity (>200 mAh g−1) while low Co content is favorable to minimize battery cost. Unfortunately, Ni‐rich cathodes suffer from limited structure stability and electrode/electrolyte interface stability in the charged state, leading to electrode degradation and poor cycling performance. To address these problems, various strategies have been employed such as doping, structural optimization design (e.g., core–shell structure, concentration‐gradient structure, etc.), and surface coating. In this review, five key aspects of Ni‐rich/Co‐poor layered cathode materials are explored: energy density, fast charge capability, service life including cycling life and calendar life, cost and element resources, and safety. This enables a comprehensive analysis of current research advances and challenges from the perspective of both academy and industry to help facilitate practical applications for EVs in the future.