Ionic liquids are often named solvents of the future because of flexibility in design. This statement has given credence that ionic liquids should simply replace the problematic electrolytes of lithium batteries. As a result, the promising potentials of ionic liquids in electrochemical systems are somehow obscured by inappropriate expectations. We summarize recent advancements in this field, especially, ionic liquids as standalone electrolytes, additives, plasticizers in gel polymer electrolytes, and binders; and attempt to shed light on the future pathway of this area of research. Ionic liquids are not dilute media to serve as pure solvents in electrochemical systems where mobility of ions is the priority; instead, they can contribute to the ionic conductivity of various components in a battery system. Owing to the enormous possibilities of ionic liquids, it is not merely a matter of choice. Ionic liquids can be used to design novel types of electrolytes for a new generation of lithium batteries. A promising possibility, which is still at a very early stage, is supercooled ionic liquid crystals for fast ion diffusion through the guided channels of a liquid-like medium. This, of course, will be a breakthrough in the realm of electrochemistry, far beyond lithium battery field, when materialized.