The increasing popularity of electric vehicles (EVs) has been attributed to their low-carbon and environmentally friendly attributes. Extensive research has been undertaken in view of the depletion of fossil fuels, changes in climatic conditions due to air pollution, and the goal of developing EVs capable of matching or exceeding the performance of today’s internal combustion engines (ICEs). The transition from ICE vehicles to EVs can reduce greenhouse gases significantly over a vehicle’s lifetime. Across the different types of EVs, the widespread usage of batteries is due to their high power density and steady output voltage, making them an excellent energy storage device (ESD). The current downsides of battery-powered electric vehicles include long recharge times, the impact of additional strain on the grid, poor societal acceptance due to high initial costs, and a lack of adequate charging infrastructure. Even more problematic is their short driving range when compared to standard ICE and fuel cell EVs. Battery degradation occurs when the capacity of a battery degrades, resulting in a reduction in travel range. This review article includes a description of battery degradation, degradation mechanisms, and types of degradation. A detailed investigation of the methods used to address and reduce battery degeneration is presented. Finally, some future orientation in terms of EV research is offered as vital guidance for academic and industrial partners.