A physics-based model of a lithium-ion battery with a blended electrode is developed on the basis of a pseudo-two-dimensional (P2D) model. Through a simplification of the physics-based model, an equilibrium model is developed that can be used for a qualitative and quantitative analysis of the blended electrode. The good agreement between the calculated and experimental results is the evidence that the equilibrium model is able to accurately capture the characteristics of the blended electrode. In addition, we use both the physics-based model and the equilibrium model to analyze the storage and cycling performance and the aging mechanism of a lithium ion battery containing a blended electrode. (C) 2016 The Electrochemical Society. All rights reserved.