Lithium-ion batteries (LIBs) using a LiFePO4 cathode and graphite anode were assembled in coin cell form and subjected to 1000 charge-discharge cycles at 1, 2, and 5 C at 25 °C. The performance degradation of the LIB cells under different C-rates was analyzed by electrochemical impedance spectroscopy (EIS) and scanning electron microscopy. The most severe degradation occurred at 2 C while degradation was mitigated at the highest C-rate of 5 C. EIS data of the equivalent circuit model provided information on the changes in the internal resistance. The charge-transfer resistance within all the cells increased after the cycle test, with the cell cycled at 2 C presenting the greatest increment in the charge-transfer resistance. Agglomerates were observed on the graphite anodes of the cells cycled at 2 and 5 C; these were more abundantly produced in the former cell. The lower degradation of the cell cycled at 5 C was attributed to the lowered capacity utilization of the anode. The larger cell voltage drop caused by the increased C-rate reduced the electrode potential variation allocated to the net electrochemical reactions, contributing to the charge-discharge specific capacity of the cells.