ABSTRACTLithium ion batteries (LIBs) have brought about a revolution in the electronics industry and are now almost a part of our everyday activities. They are on the verge of finding application in almost every electronic rechargeable device and have a bright future ahead. With the recent discovery of substantial reserves of lithium in India, along with the favourable government policies for the usage of electric vehicles (EVs), LIBs are expected to play a major role in meeting sustainable energy goals. Though LIBs have become a commercial success, they face many challenges, such as high cost of production, thermal runaway and overcharging, that might hamper their extensive use. Many research studies have been conducted regarding the operation of LIB, with safety being a concern. With rapid technology development, going nanoscale for LIB production has become achievable and valuable as it has been reported to increase the shelf life of the battery. In this review, recycling of spent LIBs is discussed, as the extraction of the leftover lithium and other minerals is possible through recycling process. The advantages and drawbacks of deep‐sea lithium mining have been discussed, as it is explored as an alternative to major lithium sources due to the rapid depletion of land mining sources. Its impact on the environment and the mineral market has been assessed. This review paper attempts to give an overview of all the vital characteristics of an LIB, such as life cycle, fast charging and overcharging, while covering strategies for overcoming challenges faced in the functioning of LIBs.
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