Electric vehicles (EVs) have become a viable solution to the emerging global climate crisis. Rechargeable battery packs are the basic unit of the energy storage system of these vehicles. The battery thermal management system (BTMS) is the primary control unit of the energy source of the vehicles. EV performance is governed by specific power, charging/discharging rate, specific energy, and cycle life of the battery packs. Nevertheless, these parameters are affected by temperature, making thermal management the most significant factor for the performance of a battery pack in an EV. Although the BTMS has acquired plenty of attention, research on the efficiency of the liquid cooling-based BTMS for actual drive cycles has been minimal. Liquid cooling, with appropriate configuration, can provide up to 3500 times more efficient cooling than air cooling. Direct/immersive and indirect liquid cooling are the main types of liquid cooling systems. Immersive/direct cooling utilizes the technique of direct contact between coolant and battery surface, which could provide larger heat transfer across the pack; however, parameters such as leakage, configuration, efficiency, etc., are needed to be considered. Indirect cooling techniques include cold plates, liquid jackets, discrete tubes, etc. It could result in complex configuration or thermal non-uniformity inside the pack. The paper intends to contribute to the alleviation of these gaps by studying various techniques, including different configurations, coolant flow, nanoparticles, varying discharging rates, different coolants, etc. This paper provides a comprehensive perspective of various techniques employed in liquid cooling battery packs, identifying the shortcomings in direct/immersive and indirect liquid cooling systems and discussing their mitigation strategies.