Lithium ion batteries are popular for use in portable applications owing to their high energy density. However, with an increasing interest in plug-in hybrid electric vehicles over the past few years, stemming from an urgent need to migrate to green technologies, the focus has shifted to enhancing power densities in Lithium ion batteries. In this review article we focus on some of the recent achievements of the academic and industrial community in boosting the power densities of Lithium ion batteries through the development of novel nanostructured anode and cathode architectures.