Among various rechargeable batteries, the lithium-ion battery (LIB) stands out due to its high energy density, long cycling life, in addition to other outstanding properties. However, the capacity of LIB drops dramatically at low temperatures (LTs) below 0 °C, thus restricting its applications as a reliable power source for electric vehicles in cold climates and equipment used in the aerospace. The electrolyte engineering has proved to be one of the most effective approaches to mitigate LIB performance degradation at LTs. In this review, we summarize the important factors contributing to the deterioration in Li⁺ transport and capacity utilization at LTs while systematically categorize the solvents, salts and additives reported in the literature. Strategies to improve the Li⁺ transport kinetics, in the bulk electrolyte and across the interphases, are discussed. In particular, the formation mechanism of solid electrolyte interphase and its functionality for LT electrolytes are analyzed. Perspectives on the future evolution of this area are also provided.