The demand for electrochemical energy storage technologies is rapidly increasing due to the proliferation of renewable energy sources and the emerging markets of grid- scale battery applications. The properties of batteries and electrochemical energy storage (EES) technologies ideal for most of these applications, yet, faced with resource constraints, the ability of current lithium-ion batteries (LIB) to match this overwhelming demand is uncertain. Sodium-ion batteries (SIB) are a novel class of batteries with similar performance characteristics to LIB. Since they are composed of earth abundant elements, cheaper and utility scale battery modules can be assembled. As a result of the learning curve in LIB technology, a phenomenal progression in material development has been realised in the SIB concept. In this SIB review, various innovative strategies used in material development, as well as the electrochemical properties of possible anode, cathode and electrolyte combinations are unravelled. Attractive performance characteristics are herein evidenced, based on comparative gravimetric and volumetric energy densities to state-of-the-art LIB. Furthermore, opportunities and challenges towards commercialization are herein discussed. Combined with more industrial adaptations, the commercial prospects of SIB look promising and this challenging new technology is set to play a major role in grid-scale EES applications.