Accelerated capacity fading of LiNi1/3Co1/3Mn1/3O2 (NCM111) electrode by the chemical migration of lithium (Li) or transition metals (TMs), and surface reconstruction in the surface during electrochemical cycling were evaluated by correlative analysis of atom probe tomography (APT) and transmission electron microscopy (TEM). The cycled NCM111 showed a lack of Li at surface which provides the driving force for long-range Ni migration toward surface. A schematic model for phase transformation and the kinetics of TM migration within the layered structure by density functional theory (DFT) calculations was proposed. This study provides insights into capacity loss and voltage fade upon electrochemical charge-discharge process of NCM111 by measuring the variation of Li composition away from the surface.