Ni-rich Lithium Nickel Cobalt Manganese Oxide (NCM) cathode materials have garnered attention for their high specific capacity, but they grapple with issues of cycling stability, thermal performance, and safety. This concise yet comprehensive review embarks on an exploration, commencing with an examination of fundamental characteristics, including crystallographic structures and electrochemical properties. It delves into the intricate failure mechanisms contributing to capacity degradation and thermal instability. The review places emphasis on major material-focused modification techniques, encompassing surface coatings and multifunctional additives, all scrutinized for their potential to enhance both performance and safety. Furthermore, it spotlights pivotal research domains, notably novel synthesis methods, positioned to reshape the landscape of high-nickel NCM technology. The review also emphasizes future development directions, aiming for simplified and cost-effective methodologies to tackle the complexities of nickel-rich cathodes. Ultimately, this review offers a forward-looking analysis, envisioning a future marked by safer, higher-capacity lithium-ion batteries, underscoring an enduring commitment to scientific and technological progress.