This study investigates aging in LiFePO4/mesocarbon microbead graphite cells that have been subjected to either a synthetic hybrid drive cycle or calendar aging, at 22°C. The investigation involves detailed examination and comparison of harvested fresh and aged electrodes. The electrode properties are determined using a physics-based electrochemical impedance spectroscopy (EIS) model that is fitted to three-electrode EIS measurements, with input from measured electrode capacity and scanning electrode microscopy (SEM). Results from the model fitting provide a detailed insight to the electrode degradation and is put into context with the behavior of the full cell aging. It was established that calendar aging has negligible effect on cell impedance, while cycle aging increases the impedance mainly due to structural changes in the LiFePO4 porous electrode and electrolyte decomposition products on both electrodes. Further, full-cell capacity fade is mainly a consequence of cyclable lithium loss caused by electrolyte decomposition.