Lithium cobalt oxide, LiCoO2, has been the most widely used cathode material in commercial lithium ion batteries. Nevertheless, cobalt has economic and environmental problems that leave the door open to exploit alternative cathode materials, among which LiNi x CoyMn1 − x − y O2 may have improved performances, such as thermal stability, due to the synergistic effect of the three ions. Recently, intensive effort has been directed towards the development of LiNi x Co y Mn1 − x − y O2 as a possible replacement for LiCoO2. Recent advances in layered LiNi x CoyMn1 − x − y O2 cathode materials are summarized in this paper. The preparation and the performance are reviewed, and the future promising cathode materials are also prospected.