Although the market share for Li-ion batteries (LiBs) has continuously expanded, the limited theoretical energy density of conventional LiBs will no longer meet the advanced energy storage requirements. Lithium-air batteries (LABs) are potential candidates for next-generation rechargeable batteries because of their extremely high theoretical energy density. However, the reported values for the actual energy density of LABs are much lower than those for LiBs, mainly due to the excess amount of electrolyte in the cell. In the present review article, the practical energy density is estimated for the representative LABs reported in academia, and the critical factors for improving the energy density of LABs are summarized. The criteria for evaluating LABs in laboratory-based experiments are also proposed for accurately predicting the performance of practical cells in industry.