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Abstract Safety failure, especially the “thermal runaway (TR),” result in safety anxiety and hinder the fast development of LIBs. Understanding the process and mechanism are the premise of mitigation TR. In this perspective, we briefly review the progress of the TR study of LIBs and then discuss the recent works on the mechanism study of LIB with different cathodes. We present our latest data of LiNixMnyCo1‐x‐yO2 cathode TR study and rethink the role of liquid electrolytes in TR. At last, we discuss the current‐best known knowledge of investigating the TR mechanism and briefly summarize the strategies for TR alleviation.