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Lithium ion batteries (LIBs) based technology has become very significant in the current decade as these batteries show great promise as power sources that can lead us to the electric vehicle (EV) revolution. In this chapter, the following fundamental aspects of Li-ion batteries (LIBs) are discussed: the basic fundamental mechanism behind their operation, 2-D materials for most relevant electrodes e.g. anodes, cathodes and electrolyte solutions, along with important forthcoming guidelines for R&D of advanced LIBs. Furthermore theoretical computational studies and experimental observations for LIBs are described.