A reliable and efficient lithium-ion battery model is the basis of state estimation and fault diagnosis in the battery management system (BMS). The pseudo-two-dimensional (P2D) mechanism model represented by using partial differential equations has many parameters and high accuracy, but its calculation is time-consuming. The model order should be reduced for the on-board BMS. Here in this work, by using the same model parameters, the P2D model and the order-reduced models including the single particle model (SPM) and the lumped particle model (LPM) are built and their voltage accuracies and operation time are compared with each other. Based on the porous electrode model, the concentrated solution theory, and the assumption of uniform current of the battery, the current density is redistributed by the volume ratio of the solid phase to the liquid phase of the electrode. Furthermore, the overpotential and ohmic resistance caused by the lithium-ion concentration distribution in the liquid phase is deduced to offset the battery voltage bias under a large discharge rate. An unconstrained convex optimization method is established to optimize the concentration difference overpotential of the liquid phase of the P2D model battery, the optimized results of which are used to compensate for the LPM voltage.Under the conditions of the constant current discharge (CCD) of 0.1C — 4C at the ambient temperature, pulse discharge and dynamic stress test (DST), the electrical performance and the operation time of both the LPM and the SPM are compared to those of the P2D model. Some results are validated and given by the model simulation. Firstly, the accuracy of LPM is over 30% higher than those of the SPM at the CCD rates of 0.1 C, 0.5 C and 1 C, and about 30% worse than those of the SPM at the CCD rates of 2 C, 3 C, and 4 C. Secondly, the optimized LPM can produce a voltage in good approximation to the voltage of the P2D model with an absolute relative error of the model voltage below 1.5% whether it is caused by the CCD or the DST. Thirdly, the optimized LPM can run efficiently and the needed calculation time cuts down by 85% and 65% for the P2D and the SPM, respectively. For the real-time applications of lithium-ion batteries, the proposed compensation method by adding the overpotential in the liquid phase can make the LPM produce reliable voltage with shorter operation time than either the SPM or the P2D model.