Compared with lithium-ion batteries, magnesium-ion batteries have been widely concerned due to their good merits of high energy density, low price, highly safe usage and operation, and environmentally-friendly type. Rechargeable magnesium batteries are believed to be very promising in the application of large load energy storage. However, the compatibility between electrolyte and electrode material of magnesium-ion battery has not reached a relatively ideal state. Therefore, the development of high stable cathode materials, wide voltage window and non-passivating electrolytes are the keys to promoting the industrial application of magnesium-ion batteries. In this paper, the research status at home and abroad about rechargeable magnesium-ion batteries are reviewed systematically through the review-analysis of the published peer articles. The research progress on the battery system’s main components including cathode materials and electrolytes are elaborated in detail. This review paper also discusses the existing problems of rechargeable magnesium-ion batteries, and provides summary and prospective for their development direction.