Electrochemical Impedance Spectroscopy (EIS) is a powerful non-invasive technique used to characterize Lithium-ion cells. Its application allows to identify and track the evolutions of cell degradation processes within a short testing time. This review collects all the available works which have used EIS spectra either to characterize Li-ion cell degradation or to develop Electric Circuit Models (ECMs). The objectives of this work are: (i) to highlight the influence of different aging test conditions on the EIS spectra; (ii) to find the correlations between EIS spectra variations and the underlying degradation mechanisms and (iii) to list the available options to formulate ECMs from EIS spectra of aged cells. After an exhaustive analysis of the state-of-the-art, a critical review is presented to discuss the existing links between degradation mechanisms and the most reliable solutions to model them.