The inclusion of conductive carbon materials into lithium-ion batteries (LIBs) is essential for constructing an electrical network of electrodes. Considering the demand for cells in electric vehicles (e.g., higher energy density and lower cell cost), the replacement of the currently used carbon black with carbon nanotubes (CNTs) seems inevitable. This review discusses how CNTs can contribute to the development of advanced LIBs for EVs. First, the reason for choosing CNTs as a conducting agent for the cathode is discussed in terms of energy density. Second, the reinforcing effect of CNTs on the anode is described with respect to the choice of silicon as the active material. Third, the development of water-based cathode fabrication as well as dry electrode fabrication with aid of CNTs is discussed. Fourth, three technical hurdles, that is, the price, dispersion issue, and entrapped metal impurities, for widespread use of CNTs in LIBs are discussed.