The iron-based cathode materials for lithium ion battery are promising due to its abundant resource, low cost and environment friendly characteristic. Among them, the olivine LiFePO4 is a potential active material for substituting LiCoO2. The research progresses on the electrochemical properties, structural characteristics, synthesizing methods, characterization methods and capacity loss of the olivine LiFePO4 are reviewed. The further research trend of the material is also discussed.