Operating temperature of lithium-ion battery is an important factor influencing the performance of electric vehicles. During charging and discharging process, battery temperature varies due to internal heat generation, calling for analysis of battery heat generation rate. The generated heat consists of Joule heat and reaction heat, and both are affected by various factors, including temperature, battery aging effect, state of charge (SOC), and operation current. In this article, a series of experiments based on a power-type lithium manganese oxide/graphite battery was implemented under different conditions. The parameters for Joule heat and reaction heat are determined, and the Joule heat, reaction heat as well as total heat generation rate is detailed and analyzed considering the influence of temperature, aging, SOC, and current. In order to validate the accuracy of heat generation rate, a lumped battery heat transfer model is applied to calculate the temperature variation, and the estimated temperature variation shows good correspondence with experimental results under different currents and aging conditions. Due to its simplicity, the temperature variation estimation method is suitable for real time applications.