General model for the description of electrochemical behavior of lithium ion intercalating materials is formulated on the basis of fundamental physicochemical principles. Kinetic and transport parameters for selected well-known electrode materials (LiMn2O4 and LiCoO2) are evaluated from numerical modeling and fitting of cyclic voltammetry responses. Good agreement between calculated and experimental voltammograms in the wide range of potential scan rates proved the self-consistency of the proposed model. The applied formalism allows for the correct choice of model assumptions and accurate determination of kinetic and transport parameters of intercalating materials.