A generalized first principles based charge–discharge model to simulate the cycle life behavior of rechargeable Li-ion batteries has been developed. The model is based on loss of the active lithium ions due to the electrochemical parasitic reaction and rise of the anode film resistance. The effect of parameters such as depth of discharge (DOD), end of charge voltage (EOCV) and overvoltage of the parasitic reaction on the cycle life behavior has been quantitatively analyzed. The experimental results obtained at charge rate of 1C, discharge rate of 0.5C, EOCV of 4.0V and DOD of 0.4 were used to validate the cycle life model. Good agreement between the simulations and the experiments has been achieved up to 1968 cycles. Simulation of a battery subjected to multiple cycling regimes has also been demonstrated.