Titanium niobium oxide (TNO) has become one of the preferred anode materials for high-power and long-life lithium-ion power batteries due to its high specific capacity, safe Li+-intercalation potential, fast Li+-intercalation path, and stable Li+-intercalation structure. The relatively low electronic conductivity of TNO anode materials, on the other hand, limits their high rate of performance. TNO's structural characteristics, preparation methods, and modification strategies are discussed in this paper. The crystal structures of several TNO materials with different Ti/Nb ratios are discussed, as well as the synergistic mechanism of both redox and intercalation pseudocapacitance, and the mechanism of rapid lithium conduction is elucidated. Furthermore, several methods and their advantages for TNO preparation are introduced, including solid-state reaction, sol-gel method, electrospinning method, template method, and solvothermal method. In addition, the effects of doping, defect, and composite on electron and charge conductivities, as well as the electrochemical performance of TNO, are emphatically analyzed. Finally, the research status, existing issues, and applications of TNO as anode material in two different energy storage systems of lithium-ion battery and hybrid lithium-ion capacitor are also discussed. Comprehensive analysis reveals that element doping and defect design can change the electronic structure of TNO, and conductive material composite can be used to construct a multi-dimensional electronic path. The combination of various modifications, in particular, can significantly improve the rate performance and cycle stability of TNO materials, which is expected to make it a good application in high-power energy storage devices.