Aluminum-ion batteries (AIBs) for electrochemical energy storage technologies are relatively new research hotspots because of their advantages, such as high theoretical specific capacity, lightweightness, zero pollution, safety, inexpensive and rich resource. Especially, AIBs possess the potential to achieve ultrafast charge and discharge speed because of three-electron redox reactions, becoming the most promising candidate for high power density rechargeable batteries. However, several serious drawbacks, such as passive film formation, anode corrosion, and cathode selection and preparation, hinder the large-scale application of these systems. Here, we introduce the principles of AIBs and review the challenges and outlooks of AIBs from various perspectives, including anode design and protection, electrolyte exploitation and battery design, and cathode selection and preparation. We comprehensively discuss the acquisition of green and low-cost carbonaceous cathode materials with high electrochemical performance. Furthermore, several perspectives on potential research directions for the development of high-power density AIBs are proposed.