Automotive and stationary energy storage are among the most recently-proposed and still unfulfilled applications for lithium ion devices. Higher energy, power and superior safety standards, well beyond the present state of the art, are actually required to extend the Li-ion battery market to these challenging fields, but such a goal can only be achieved by the development of new materials with improved performances. Focusing on the negative electrode materials, alloying and conversion chemistries have been widely explored in the last decade to circumvent the main weakness of the intercalation processes: the limitation in capacity to one or at most two lithium atoms per host formula unit. Among all of the many proposed conversion chemistries, hydrides have been proposed and investigated since 2008. In lithium cells, these materials undergo a conversion reaction that gives metallic nanoparticles surrounded by an amorphous matrix of LiH. Among all of the reported conversion materials, hydrides have outstanding theoretical properties and have been only marginally explored, thus making this class of materials an interesting playground for both fundamental and applied research. In this review, we illustrate the most relevant results achieved in the frame of the Italian National Research Project FIRB 2010 Futuro in Ricerca “Hydrides as high capacity anodes in lithium cells” and possible future perspectives of research for this class of materials in electrochemical energy storage devices.