With the rapid development of new energy industry, higher requirements have been put forward for the comprehensive performance of energy storage materials and devices. Lithium-ion cathode materials, especially Ni-rich ternary material (LiNixCoyMnzO2), are considered as one of the superior candidates for commercialized cathode materials for the next generation power batteries owing to their high energy density, high working voltage, excellent chemical stability, etc. The advantages of Ni-rich ternary material LiNixCoyMnzO2 are summarized systematically, and the urgent problems are pointed out. On this basis, their modification methodologies are reviewed including doping cations and anions, surface coating, design of concentration gradient materials, and graphene compounding. Finally, the development directions and commercial applications in the future are projected.