Energy storage devices are indispensable for supporting human activities; thus, producing sustainable environmental energy is a current focus of attention. Lithium−sulfur batteries (Li−S batteries) are interesting because of their low cost, environmental friendliness, and high energy density. In recent years, related research on lithium−sulfur batteries has made excellent progress, but the problems blocking its large-scale application have not been completely solved. Starting from the sulfur conversion reaction, this paper systematically reviews the ion diffusion, intermediate adsorption, catalytic conversion, and interfacial chemical deposition cycle from the cathode side to reveal for the first time the internal relationship between the active sulfur and substrate; additionally, the relevant research of each process is summarized and discussed. Emphasis is placed on the research of electrode materials and the theoretical guidance behind these material designs. Moreover, the material designs and engineering prospects of lithium−sulfur batteries are discussed from the perspective of systematically understanding the sulfur conversion reaction.