Temperature heavily affects the behavior of any energy storage chemistries. In particular, lithium-ion batteries (LIBs) play a significant role in almost all storage application fields, including Electric Vehicles (EVs). Therefore, a full comprehension of the influence of the temperature on the key cell components and their governing equations is mandatory for the effective integration of LIBs into the application. If the battery is exposed to extreme thermal environments or the desired temperature cannot be maintained, the rates of chemical reactions and/or the mobility of the active species may change drastically. The alteration of properties of LIBs with temperature may create at best a performance problem and at worst a safety problem. Despite the presence of many reports on LIBs in the literature, their industrial realization has still been difficult, as the technologies developed in different labs have not been standardized yet. Thus, the field requires a systematic analysis of the effect of temperature on the critical properties of LIBs. In this paper, we report a comprehensive review of the effect of temperature on the properties of LIBs such as performance, cycle life, and safety. In addition, we focus on the alterations in resistances, energy losses, physicochemical properties, and aging mechanism when the temperature of LIBs are not under control.