Anode material, responsible for the critical storage and release of lithium ions during charge and discharge cycles, holds paramount importance. By strategically altering the material design and composition of the current graphite, researchers aim to significantly improve fast charging capabilities, energy density, cycling stability and overall electrochemical kinetics within Lithium ion battery. Anode materials operate through three primary mechanisms: insertion/de-insertion that is allowing for reversible lithium ion accommodation within the host structure; alloying, where lithium ions form chemical bonds with the anode material; and conversion reactions, involving the creation of new phases during charge/discharge cycles. This review delves into a captivating array of advanced anode materials with the potential to surpass the limitations of traditional graphite. Carbon-based nanomaterials like graphene and its derivative, reduced graphene oxide, offer exceptional conductivity and structural integrity. Metal oxides and sulfides, exemplified by Fe₂O₃ (iron(III) oxide) and MoS₂ (molybdenum disulfide), boast high theoretical capacities, though challenges in volume change and conductivity persist. Metal oxide-carbon hybrids attempt to synergistically combine the strengths of both components. Mxenes, a new class of two-dimensional transition metal carbides, exhibit fascinating characteristics like high electrical conductivity and hydrophilicity, promoting fast lithium-ion transport. Perovskite structures, renowned for their diverse compositions and tunable properties, present exciting possibilities. High entropy alloys, with their unique multi-principal element compositions, offer exceptional structural stability during cycling. Finally, silicon-based anodes, while boasting the highest theoretical capacity among all potential anode materials, face significant volume change issues that necessitate innovative strategies for mitigation. By meticulously dissecting the diverse synthesis methods, unique electrochemical mechanisms, specific capacities, and long-term cycling capabilities of these advanced anode materials, researchers pave the way for the identification of a better candidate to replace the existing graphite anode, ultimately propelling Lithium ion battery technology towards a brighter future in powering the next generation of electric vehicles.