Lithium-ion batteries have many advantages in compare to other conventional batteries. Because of that, they have many applications in different sectors such as portable electronic devices, electric vehicles and other fields. To assure that the operation and performance of lithium-ion batteries are reliable, safe and economic, the approximation of state of charge, cycle life and other parameters for lithium-ion batteries are necessary. Equivalent circuit models are an important tool in the field of research in lithium-ion batteries. Several researchers have suggested a variety of equivalent circuit models. Some of these models are simple whereas some others are complicated. This paper presents a review of different equivalent circuit models and parameters identification methods in lithium-ion batteries for energy storage applications. These models include the internal resistance model, one time constant model, two time constants model, Thévenin model, PNGV (partnership for a new generation of vehicles) model, DP (dual polarization) model, improved PNGV model, tree seeds algorithm, electrochemical impedance spectroscopy method, and Randles’ model.