This work presents a succinct review of the thermal behavior of lithium-ion batteries (LIBs) and its relationship with aging, heat generation, thermal management and thermal failure. We focus on the temperature effects that promote the main aging mechanisms in the anode and compare these effects among different cell chemistries for calendar and cycling aging modes. We review the strategies to mitigate aging, including the design of the battery thermal management system (BTMS), best practices of battery users to minimize the effect of stress factors, and the appropriate selection of the anode material. We discuss the heat generation and surface temperature variations in LIBs, including comparisons among different cell chemistries. We analyze the thermal failure of LIBs due to extreme events that cannot be countered by the BTMS, such as overcharge. Finally, we identify the main challenges and opportunities related to the impact of the thermal behavior of LIBs on their performance and life cycle, including trends in anode material selection, BTMS design, and fast-charging methods.