Lithium-ion batteries are widely used in various applications due to their high energy density, columbic efficiency, and scalability. While their safety mechanisms, such as heat-resistant separators, make them suitable for high-power devices, they require additional features when used in high-current and high-temperature systems. To address some of their inherent drawbacks, liquid electrolyte additives are increasingly being used in modern batteries. These chemicals, including borate, phosphate, nitrate, and phosphite, as well as polymers and other additives, can suppress the formation of the solid electrolyte interphase and dendrite layers, enhance thermal stability and useful life, and improve cycling characteristics. This paper provides an overview of the latest developments in contemporary additives and their significant contributions to battery efficacy. Additionally, the critical relationships between the thermal and electrochemical properties that impact battery safety are discussed.