In order to keep pace with the increasing energy demands for advanced electronic devices and to achieve commercialization of electric vehicles (EVs) and energy storage systems (ESSs), improvements in high energy battery technology are required. Among the various types of the batteries, lithium ion batteries (LIBs) are considered to be among the most well-developed and commercialized energy storage systems. In this context, LIBs with Si anodes and Ni-rich cathodes have been receiving attention as one of the most promising alternative electrode materials for next-generation high energy batteries. Si-based anode and Ni-rich cathode materials exhibit high reversible capacities of < 2000 mAh/g and > 195 mAh/g, respectively. However, both of these materials have intrinsic drawbacks and practical limitations that prevent them from being utilized directly as active materials in high energy LIBs. Examples of such intrinsic drawbacks for the Ni-rich materials include particle pulverization during cycling and side reactions caused by the electrolyte at the surface, whereas in this case of Si, large volume changes during cycling and low conductivity are observed. Recent progress and some important approaches that have been adopted for overcoming and alleviating these drawbacks are systematically will be discussed.