The redox flow battery (RFB) has been the subject of state-of-the-art research by several groups around the world. Most work commonly involves the application of various low-cost carbon-polymer composites, carbon felts, cloth, paper and their different variations for the electrode materials of the RFB. Usually, the carbon-polymer composite electrode has relatively high bulk resistivity and can be easily corroded when the polarised potential on the anode is more positive than that of oxygen evolution and this kind of heterogeneous corrosion may lead to battery failure due to electrolyte leakage. Therefore, carbon electrodes with high electrical conductivity, acid-resistance and electrochemical stability are highly desirable. This review discusses such issues in depth and presents an overview on future research directions that may help commercialise RFB technology. A comprehensive discussion is provided on the advances made using nanotechnology and it is envisaged that if this is combined with ionic liquid technology, major advantages could be realised. In addition the identification of RFB failure mechanisms by means of X-ray computed nano tomography is expected to bring added benefits to the technology.