The lithium-rich cathode material Li1.2Mn0.54Co0.13Ni0.13O2 (LMR) has attracted significant interest due to its high specific capacity and energy density, which stem from its unique anionic redox chemistry. Oxygen vacancies significantly impact the crystal structure and electrochemical performance of Li-rich manganese-based cathode materials. This study thoroughly examined how sintering temperature affects the crystallinity, morphology, crystal structure, and oxygen vacancy content of the materials, as well as the impact of oxygen vacancies on their structural and electrochemical properties. XPS and EPR analyses are conducted to investigate the relationship between sintering temperature and oxygen vacancies. Additionally, the spinel phase, altered by oxygen vacancies on the material's surface, is identified using Raman, TEM and EELS. Furthermore, first-principles calculations and data from the constant-current intermittent titration technique indicate that oxygen vacancies significantly enhance the material's ion transport rate.