Energy and climate concerns have made the need for research towards electrical energy storage. In this context, sodium ion batteries (SIBs) have attracted significant attention lately. Sodium is an abundant resource that is low cost and safe which makes it an attractive alternative to lithium. Its chemical properties are similar to that of Li which makes the transition into using Na chemistry for ion battery systems feasible. This review focuses on the latest progress in both cathode and anode materials for SIBs. It also details research in binders and additives and their effects on the SIB system. It further highlights the optimization of organic electrolytes and ionic liquid based electrolytes for utilization in SIBs. The mechanisms of sodium ion storage, transport, and solid electrolyte interphase formation are also discussed to better understand the behavior of ions and battery materials during de/intercalation. Finally, personal perspectives on outlook and major challenges ahead for SIBs are offered. These comprehensive and in-depth discussions along with proposed directions can enlighten ideas and offer avenues in the rational design of durable and high performance SIBs in the near future.