Lithium iron borate (LiFeBO3) has a high theoretical specific capacity (220 mAh/g), which is competitive with leading cathode candidates for next-generation lithium-ion batteries. However, a major factor making it difficult to fully access this capacity is a competing oxidative process that leads to degradation of the LiFeBO3 structure. The pristine, delithiated, and degraded phases of LiFeBO3 share a common framework with a cell volume that varies by less than 2%, making it difficult to resolve the nature of the delithiation and degradation mechanisms by conventional X-ray powder diffraction studies. A comprehensive study of the structural evolution of LiFeBO3 during (de)lithiation and degradation was therefore carried out using a wide array of bulk and local structural characterization techniques, both in situ and ex situ, with complementary electrochemical studies. Delithiation of LiFeBO3 starts with the production of LitFeBO3 (t approximate to 0.5) through a two-phase reaction, and the subsequent delithiation of this phase to form Lit-xFeBO3 (x < 0.5). However, the large overpotential needed to drive the initial two-phase delithiation reaction results in the simultaneous observation of further delithiated solid-solution products of Lit FeBO3 under normal conditions of electrochemical cycling. The degradation of LiFeBO3 also results in oxidation to produce a Li-deficient phase D-LidFeBO3 (d approximate to 0.5, based on the observed Fe valence of similar to 2.5+). However, it is shown through synchrotron X-ray diffraction, neutron diffraction, and high-resolution transmission electron microscopy studies that the degradation process results in an irreversible disordering of Fe onto the Li site, resulting in the formation of a distinct degraded phase, which cannot be electrochemically converted back to LiFeBO3 at room temperature. The Li-containing degraded phase cannot be fully delithiated, but it can reversibly cycle Li (D-Lid+yFeBO3) at a thermodynamic potential of similar to 1.8 V that is substantially reduced relative to the pristine phase (similar to 2.8 V).