This review explores the potential implementation of lithium tetraborate (Li2B4O7) as a scintillator medium for neutron detection applications. Several characteristics required for the neutron detection process suggest that Li2B4O7 could be a suitable material for scintillation-based neutron detection systems. The inherently large neutron capture cross-section due to 10B and 6Li isotopes, and the ease with which Li2B4O7 can be enriched with these isotopes, combined with the facile inclusion of rare-earth dopants are all expected to improve luminescent properties as well as neutron detection efficiency of Li2B4O7. The electronic structure of doped and undoped Li2B4O7 are explored using photoemission and inverse photoemission spectroscopies, optical measurements, and theoretical computational studies such as density functional theory. The scintillation properties are further enhanced because of the wide bandgap, and transparency towards the photons that are emitted following neutron capture.