Triethylborate (TEB) is used as an electrolyte additive to improve the electrochemical performances of LiNi1/3Co1/3Mn1/3O2 (LNCM) upon cycling at 4.5 V vs. Li/Li+. Charge/discharge tests demonstrate that the cyclic stability of LNCM at room and elevated temperature can be improved effectively by TEB. With addition of 10 wt. % TEB into STD electrolyte (1.0 M LiPF6/EC:EMC:DEC), LNCM achieves a capacity retention of 99.8% after 150 cycles and 94.7% after 120 cycles at room and elevated temperature, respectively, comparing to that of 68.9% and 68.8% of STD electrolyte. In addition, 10 wt. % TEB also improves the rate capability of LNCM at room temperature. Physical and electrochemical characterizations from XRD, SEM, TEM, XPS, ICP-MS, LSV, CA, and EIS reveal that the preferential oxidative reaction of TEB generates a thin, uniform and low interfacial resistance film on the LNCM surface. This film not only suppresses the subsequent decomposition of STD electrolyte, but also prevents the dissolution of transition metal ions from LNCM, resulting in improved cyclic stability and rate capability of LNCM.