As the development of new energy vehicles has been considered an important strategy for China on becoming an automobile power, electric vehicles, and power batteries have been broadly researched. However, the difficulty in evaluating battery lifespan and health state limits the further application for lithium batteries. In this article, the systematical analysis of the aging mechanism of the battery with the consideration of positive or negative materials, electrolytes, and current collectors is carried out. And to examine the impact of charge and discharge ratio, temperature, and cycle interval, a variety of influencing factors, such as extreme working conditions, elaborate factors of power battery aging, are compiled. Moreover, the article reviews the current mathematical models of battery capacity mechanism, and provides the reference for the construction of the digital twin model, delivering the potential theoretical basis for the design of the vehicle battery health management system.