Lithium-ion batteries (LIBs) are the most important electrochemical energy storage devices due to their high energy density, long cycle life, and low cost. During the past decades, many review papers outlining the advantages of state-of-the-art LIBs have been published, and extensive efforts have been devoted to improving their specific energy density and cycle life performance. These papers are primarily focused on the design and development of various advanced cathode and anode electrode materials, with less attention given to the other important components of the battery. The “nonelectroconductive” components are of equal importance to electrode active materials and can significantly affect the performance of LIBs. They could directly impact the capacity, safety, charging time, and cycle life of batteries and thus affect their commercial application. This review summarizes the recent progress in the development of nonaqueous electrolytes, binders, and separators for LIBs and discusses their impact on the battery performance. In addition, the challenges and perspectives for future development of LIBs are discussed, and new avenues for state-of-the-art LIBs to reach their full potential for a wide range of practical applications are outlined.