The impedance of Li-ion battery using a Li4Ti5O12 (LTO) anode for high-power applications was measured at various depths of discharge and temperatures during charge–discharge cycles. The measured impedance was interpreted with an equivalent circuit made up of anode and cathode, in which the cathode component was composed of two particle size factors. The values obtained for equivalent circuit elements by modeling were in good agreement with the results measured by other techniques, and indicated that the capacity fade of this Li-ion battery due to cycling is mainly caused by the increase of interfacial resistance and a decrease in the capacity of the LiCoO2 cathode. These results suggest that the cyclability of this LIB was improved by using an LTO anode, and show the validity of the equivalent circuit for interpreting the causes of capacity fade.