Voltage plateau during relaxation or discharge after charging is a distinct signal associated with stripping of deposited Li metal and hence a feasible tool for online detection of Li plating in Li-ion batteries. Here, we present a physics-based model with incorporation of Li plating and stripping to gain a fundamental understanding of the voltage plateau behavior. Specifically, we focus on the internal cell characteristics when voltage plateau occurs and on key factors affecting the shape and duration of voltage plateau. Furthermore, the validity of using the duration of voltage plateau for estimating Li plating amount is assessed. It is found that the duration of voltage plateau depends on the rate of Li stripping, while the stripping rate is restricted by the capability of Li+ intercalation into graphite. Parameters like intercalation kinetics, solid-state diffusivity of graphite and cell temperature can substantially influence the voltage curves even with the same amount of Li plating. Further, we report an interesting phenomenon that during Li stripping one part of anode near the separator has net oxidation current (local stripping rate > intercalation rate), providing Li+ ions and electrons to the other part of anode near the foil which has net reduction current.