A new organic lithium salt, lithium bis(oxalato)borate (LiBOB), is the most possible candidate of LiPF6 for lithium ion battery. This paper briefly discussed its crystal structure, synthetic methods in aqueous or nonaqueous phase and physicochemical properties such as solubility. The highlights such as a perfect compatibility with carbon anode, excellent cycle at elevated temperatures and noncorrosive to current collector of aluminum were described. Disadvantage and the perspective of LiBOB-based electrolyte were also reviewed.