With the ability to overcome the intermittent nature of renewable energy output and help with peak loading requirements, liquid metal batteries (LMBs) could prove to be an affordable grid-scale energy storage system (ESS). The use of earth-abundant materials, high coulombic efficiency, self-healing ability, high power density (Pd), and easy scalability give them a considerable edge over other battery types. Understanding the fundamental mechanisms that control LMB performance is essential for the effective utilization of LMBs in grid storage to avoid negative consequences at larger storage capacity. To attain better performance and a lower operating temperature, the majority of research on this comparatively new topic has been devoted to creating new electrode materials. In this article, we focus on the transition metal-based electrode materials for high-performance LMBs. Further, we discuss perspectives on present issues and modification strategies that should greatly advance the development of transition metal-based LMBs toward the implementation of grid-scale energy. The future prospects and conclusive remarks for the further enlargement of transition metal-based LMBs for large-scale commercialization of high-rate and long-lasting ESS are also included.