The increasing adoption of electric vehicles (EVs) has highlighted the need for sustainable lithium-ion battery (LIB) management. This study presents a material flow analysis (MFA) of EV LIBs in the Republic of Korea (RoK), using both a mass-based MFA and a substance flow analysis (SFA). The analysis defines 33 systems and 170 flows across the manufacturing, consumption, discharge and collection, and treatment stages, based on national statistics and data from 11 commercial facilities. In 2022, about 72,446 t of EV LIBs entered the consumption stage through new vehicle sales and battery replacements. However, domestic recovery was limited, as approximately 76.5% of used EVs were exported, reducing the volume of batteries available for recycling. The SFA, focusing on nickel (Ni), cobalt (Co), manganese (Mn), and lithium (Li), showed recovery rates of 69% for Ni, 80% for Co, 1% for Mn, and 80% for Li. Mn was not recovered because its low market price made the recovery process economically impractical. Additional losses occurred from the incineration of separators containing black mass and lithium discharged through wastewater. These findings offer data-driven insights to improve recovery efficiency, guide policy, and enhance the circularity of EV LIB management in the RoK.