The material Li₄Ti₅O₁₂ with its advantages of stability, safety, long life, etc., has been the research focus of anode material for lithium ion batteries. In this paper, the structural features and energy storage mechanism of Li₄Ti₅O₁₂ were introduced. The solid state method, microwave method, sol-gel method and other preparation methods of Li₄Ti₅O₁₂ were discussed and summarized. And some modification methods of Li₄Ti₅O₁₂, such as ion doping, surface coating and morphological control, were summarized and reviewed as well. Finally, the prospects for the development of Li₄Ti₅O₁₂ were discussed.