The dispersion properties of carbon black (CB) slurries as well as the accompanying electrochemical properties of Li(Ni1/3Co1/3Mn1/3)O2 (NCM) electrodes were investigated by controlling the amine value of polyurethane-based dispersants. The increase in amine value of dispersants leads to an increase in adsorption level on CB surface due to a strong acid/base interaction between dispersants and CB particles, providing the improvement of steric repulsion between particles at the solid–liquid interface. This results in the enhancement of the dispersion stability of CB and the related microstructure of the electrodes. Electrochemical experiments indicated that the rate capabilities and cycle performance of the electrodes are in good agreement with dispersion properties of CB slurries. However, it was found that the excessive addition of the dispersant was deleterious to electrochemical properties because the non-adsorbed dispersants act as an electronic conduction barrier between solid phases. Therefore, it is suggested that the amine value of dispersant and tailored amount of dispersant addition can be key roles for obtaining the optimized dispersion stability of CB and the corresponding excellent electrochemical properties of the cathode.