Among emerging rechargeable batteries, rechargeable aluminum‐ion batteries (AIBs) stand out for their high specific capacities and the abundance of aluminum, positioning them as an attractive electrochemical energy storage option. Despite the superior electrochemical performance of non‐aqueous AIBs, aqueous aluminum‐ion batteries (AAIBs) have garnered extensive research interest for their low cost and enhanced safety. Yet, realizing high energy density in AAIBs poses significant challenges. This article systematically reviews strategies and recent advancements in cathodes, anodes, and electrolytes aimed at achieving high energy density in AAIBs. It concludes with a forward‐looking perspective on the design of AAIBs with high energy density and prolonged cycle life, highlighting promising directions for future researches.