Lithium‐ion capacitors (LICs) are a game‐changer for high‐performance electrochemical energy storage technologies. Despite the many recent reviews on the materials development for LICs, the design principles for the LICs configuration, the possible development roadmap from academy to industry has not been adequately discussed. Systematic understanding of device development is the foundation to more efficient utilization of advanced LICs materials. This review focuses on the principle of the recent configurations of LICs, the device design rationales, and new prelithiation techniques that are an integral part in LIC design. The authors also comment on the new generation multifunctional LICs that are capable of meeting the emerging applications in flexible electronics and other modern technologies. Finally, the status of LICs is presented and several key take‐home messages about minimizing the gaps between academic and industry requirements are proposed. Lithium‐ion capacitors (LICs) are powerful competitors to supercapacitors and batteries due to their high energy‐power performance and long lifespan. The design rationale and device configuration of LICs are introduced, followed by the prelithiation methods and fabrication of multifunctional LICs. Finally, the status of commercial LICs and a possible roadmap of advanced LICs from laboratory to industry are discussed.