Abstract: Lithium-ion batteries have been widely used as one of the main carriers of electrochemical energy storage due to their excellent performance. However, the thermal runaway of lithium batteries can be easily triggered on account of manufacturing defects or non-compliance with safety norms, leading to safety accidents such as fire and explosion. Therefore, there is an urgent need for the development of lithium battery fire suppression technology. Based on the review of relevant literature, this paper provides a comprehensive analysis of the fire characteristics and thermal runaway mechanism exhibited by lithium batteries. Additionally, it examines various fire extinguishing agents and strategies while highlighting the two primary requirements for managing and preventing thermal disasters associated with lithium batteries: fire suppression and cooling. For lithium battery fires, the extinguishing efficiency and mechanism of gas extinguishing agent, water-based extinguishing agent and solid extinguishing agent are emphatically introduced, and compared and analyzed from multiple perspectives. In order to improve the effect of fire extinguishing and cooling, the strategies of cooperative fire extinguishing, intermittent spray and fire extinguishing microcapsules are further analyzed. Some limitations on the use of extinguishing agents for suppressing lithium battery fires and the shortcomings of extinguishing strategies are summarized, and several methods for improving the extinguishing and cooling performance of extinguishing agents are prospected in the future. The ideal extinguishing agent with high thermal conductivity, high insulation, clean, cheap, and non-toxic byproducts can be modified by additives or developed. By developing more efficient new extinguishing strategies, it is expected to achieve the governance and prevention and control of lithium battery thermal disasters.