Lithium-ion batteries are now considered to be the technology of choice for future hybrid electric and full electric vehicles to address global warming. LiCoO2 has been the most widely used cathode material in commercial lithium-ion batteries. Since LiCoO2 has economic and environmental issues, intensive research has been directed towards the development of alternative low cost, environmentally friendly cathode materials as possible replacement of LiCoO2. Among them, spinel LiNi0.5Mn1.5O4 material is one of the promising and attractive cathode materials for next generation lithium-ion batteries because of its high voltage (4.7V), acceptable stability, and good cycling performance. Research advances in high voltage spinel LiNi0.5Mn1.5O4 are reviewed in this paper. Developments in synthesis, structural characterization, effect of doping, and effect of coating are presented. In addition to conventional synthesis methods, several alternative synthesis methods are also summarized. Apart from battery performance, the application of spinel LiNi0.5Mn1.5O4 material in asymmetric supercapacitors is also discussed.