Lithium‐ion batteries (LIBs) have shown considerable promise as an energy storage system due to their high conversion efficiency, size options (from coin cell to grid storage), and free of gaseous exhaust. For LIBs, power density and energy density are two of the most important parameters for their practical use, and the power density is the key factor for applications such as fast‐charging electric vehicles, high‐power portable tools, and power grid stabilization. A high rate of performance is also required for devices that store electrical energy from seasonal or irregular energy sources, such as wind energy and wave energy. Significant efforts have been made over the last several years to improve the power density of LIBs through anodes, cathodes, and electrolytes, and much progress has been made. To provide a comprehensive picture of these recent achievements, this review discusses the progress made in high‐power LIBs from 2013 to the present, including general and fundamental principles of high‐power LIBs, challenges facing LIB development today, and an outlook for future LIB development. Power density is one of the important parameters for lithium‐ion batteries (LIBs) in their practical applications. The progress in high‐power LIBs since 2013 has been reviewed, from fundamental principles to experimental practice. Challenges and outlook for high‐power LIB development have been highlighted.