Increasing the fast charging capabilities and the driving range of electric vehicles are major goals in Li-ion battery research to accelerate mass market adoption and reduce greenhouse gas emissions. This requires a fundamental understanding of the performance limiting factors to enable a knowledge-based optimization of materials, electrode design and cell architectures. Herein, electrochemical fundamentals and recent insights concerning rate performance limitations of Li-ion batteries at the electrode level are reviewed and discussed from charge and mass transport perspectives. The application of straightforward analytical and semi-empirical models is highlighted in view of understanding specific performance limiting factors of electrodes for Li-ion batteries based on experimental investigations. The summarized insights are discussed regarding promising improvement strategies to approach the practical limits of liquid electrolyte-based Li-ion batteries.