Battery energy storage plays a pivotal role in the current energy transition and sees an exponential growth. Excess energy produced in the grid and increasing renewable energy production requires efficient energy storage system to be developed. The development of such energy storage systems requires efficient materials screening, problem identification, and property evaluation. The behavior of new identified materials or the failure of existing material configuration needs effective analysis technique of which electrochemical impedance plays a major role. Herein, an effort has been made to estimate the extent of this technique in characterizing the different component of the battery namely anode, solid-electrolyte interface, cathode, cathode-electrolyte interface, and electrolyte materials. The failure analysis using electrochemical impedance spectroscopy has also been screened for battery components in liquid and solid-state battery configuration. The most pertinent materials and failure analysis have been identified with respect to the state-of-the-art to get a complete know-how of the versatility of the technique that could further help researchers to consider this technique for efficient screening of novel battery materials.