Lithium-ion batteries (LIBs) are widely used across a range of applications; however, they degrade over time due to various factors, including repeated charge–discharge cycling, material aging, and environmental conditions. Degradation models play a crucial role in predicting the lifespan of LIBs and in optimizing their design and opera-tional strategies. This paper presents a comprehensive review of state-of-the-art deg-radation models for LIBs. The reviewed models primarily address key degradation mechanisms, including solid electrolyte interphase (SEI) formation, lithium plating, and particle fracture. For each mechanism, the underlying modeling approaches, their development, advantages, limitations, and associated challenges are critically dis-cussed. Finally, this review identifies existing gaps in battery degradation modeling and proposes the Unified Mechanics Theory (UMT), which is the unification of laws of Newton and the second law of thermodynamics, and uses entropy as a degradation metric, as a promising alternative framework for capturing the coupled and multifac-eted nature of battery degradation processes.