Lithium-Ion batteries in modern phones can store energy more efficiently than older batteries. But they’re still destined to run out of power at some point. All batteries lose a little capacity every time they are discharged, then recharged.
On average this works out to around a one-per-cent loss for every 25 charge cycles. Typically, a modern phone battery’s lifespan is two to three years, which is about 300-500 charge cycles. After that, the battery capacity will drop by roughly 20 per cent.
Eventually they stop being able to build a charge and turn into a container of semi-toxic and expensive materials that don’t do anything. When that happens, you’ll need to install a new battery if you want your phone to continue working. But before that, you should keep checking for signs that it’s not long for this world.