Polyoxometalates (POMs) have been proposed as electromaterials for lithium-based batteries because they provide access to multiple electron transfer reactions coupled to fast lithium ion transport processes and high stability over many redox cycles. Consequently, knowledge of reversible potentials and Li+ cation-POM anion interactions provides a strategic basis for their further development. In this study, detailed cyclic voltammetric studies of a series of [XVVM11O40]n- (XVM11n-) POMs (where X (heteroatom) = P (n = 4), As (n = 4), and S (n = 3) and M (addenda atom) = Mo, W) have been undertaken in CH3CN in the presence of LiClO4, with n-Bu4NPF6 also present when required to keep the ionic strength close to constant value of 0.1 M. An analysis of the data has allowed the impact of the POM charge, and addenda and hetero atoms on the reversible potentials and the interaction between Li+ and the oxidized XVVM11n- and reduced XVIVM11(n+1)- forms of the VV/IV redox couple to be determined. The SVV/IVM113-/4- process is independent of the Li+ concentration, implying the absence of the association of this cation with either SVVM113- or SVIVM114- redox levels. However, lithium-ion association constants for both VV and VIV redox levels were obtained from a comparison of simulated and experimental cyclic voltammograms for the reduction of the more negatively charged XVVM114- (X = P, As; M = Mo, W), since the Li+ interaction with these more negatively charged POMs is much stronger. The interaction between Li+ and the oxidized, XVVM11n-, and reduced, XVIVM11(n+1)-, forms was also investigated by 51V NMR and EPR spectroscopy, respectively, and it was confirmed that, due to their lower charge density, SVVM113- and SVIVM114- interact significantly less strongly with the lithium ion than XVVM114- and XVIVM115- (X = P, As). The lithium-POM association constants are substantially smaller than the corresponding proton association constants reported previously, which is attributed to a smaller surface charge density. The much stronger impact of Li+ on the WVI/V- and MoVI/V-based reductions that occur at more negative potentials than the VV/IV process also has been qualitatively evaluated.