The lithium ion capacitor (LIC) is a hybrid energy storage device combining the energy storage mechanisms of the lithium ion battery (LIB) and the electrical double-layer capacitor (EDLC), which offers some of the advantages of both technologies and eliminates their drawbacks. This article presents a review of LIC materials, the electro-thermal model, lifetime model, thermal model and thermal management system, and possible applications in order to summarise the recent findings and research progress for LIC technology. First, a detailed overview of the LIC with general working principles is presented. For LIC electro-thermal modelling, the status of knowledge is reviewed, where the electro-chemical methods, equivalent circuit model, and fractional order model are summarised. For lifetime modelling, different methods are covered together with an underlying analysis of the aging mechanism and its influencing factor. Thermal modelling aspects and thermal management system design are summarised later. Finally, some potential applications reported in the literature are outlined, especially the combination with a high-energy device for hybrid energy storage constitution to obtain the synergistic benefit of the combined energy storage units.