In past decade, electrochemical energy storage gained undivided attention with the increase in electrical energy demand for the usage of new technology such as moveable electronics. Li-ion batteries (LIB) have been the most successful energy storage system with their long-life cycle and efficiency, lower energy density, and notable cost effectiveness with small-scale energy storage. However, with large-scale energy storage and for long duration, work still needs done to make LIB efficient on such a scale as well. Recently Li–air batteries have been suggested as potential energy storage systems that can provide the solution for large- and long-term electrical energy storage. The Li–air battery utilizes the catalyst-based redox reaction, and still, it is not applicable commercially due to low current density, poor life cycle, and energy efficiency. Generally, such problems are associated with the materials used as an electrocatalyst and on the selection of the electrolyte. Herein, we briefly review the current advancements in the field of electrocatalysts for Li–air batteries which hinders their improvement toward commercial applications, and this review also provides an outlook for future Li–air battery systems.