The prevention of thermal runaway (TR) in lithium‐ion batteries is vital as the technology is pushed to its limit of power and energy delivery in applications such as electric vehicles. TR and the resulting fire and explosion have been responsible for several high‐profile accidents and product recalls over the past decade. Herein, the causes of TR are described and novel preventative methods are examined, approaching the problem from different angles by altering the internal structure of the battery to undergo thermal shutdown or developing the battery and thermal management systems so that they can detect and prevent TR. Ultimately, a variety of different technologies is needed to address the emerging market of highly specialized lithium‐ion batteries. Key innovations discussed include positive temperature coefficient (PTC) materials, self‐healing polymer electrolytes, and hybrid liquid–solid‐state electrolytes. Mist cooling achieves a highly uniform temperature inside the battery pack without the need for pumps to circulate a coolant. The development of battery management systems (BMSs) which model the internal temperature of the cell from real‐time data and prevent the cell reaching a critical temperature is an essential area for further research.