In the past decade, under the background of the carbon peaking and carbon neutrality era, the rapid development of new energy vehicles has put forward higher requirements for the performance of strike forces such as battery cycle life, energy density and cost. Lithium-ion batteries have gradually become the mainstream of electric vehicle power batteries due to their excellent energy density, rate performance and cycle life. At present, the most widely used cathode materials for power batteries are lithium iron phosphate (LFP) and ternary nickel-cobalt-manganese (NCM). However, these materials exhibit the bottlenecks that limit the improvement and promotion of power battery performance. In this review, the performance characteristics, cycle life attenuation mechanism (including structural damage, gas generation and active lithium loss, etc.) and improvement methods (including surface coating and element-doping modification) of LFP and NCM batteries are reviewed. Finally, the development prospects of this field are proposed.