In a coeval group of low-mass stars, the luminosity of the sharp transition between stars that retain their initial lithium and those at slightly higher masses in which Li has been depleted by nuclear reactions, the lithium depletion boundary (LDB), has been advanced as an almost model-independent means of establishing an age scale for young stars. Here we construct polytropic models of contracting pre-main sequence stars (PMS) that have cool, magnetic starspots blocking a fraction β of their photospheric flux. Starspots slow the descent along Hayashi tracks, leading to lower core temperatures and less Li destruction at a given mass and age. The age, τ LDB , determined from the luminosity of the LDB, L LDB , is increased by a factor (1 − β) −E compared to that inferred from unspotted models, where E ≃ 1 + d log τ LDB /d log L LDB and has a value ∼ 0.5 at ages < 80 Myr, decreasing to ∼ 0.3 for older stars. Spotted stars have virtually the same relationship between K-band bolometric correction and colour as unspotted stars, so this relationship applies equally to ages inferred from the absolute K magnitude of the LDB. Low-mass PMS stars do have starspots, but the appropriate value of β is highly uncertain with a probable range of 0.1 < β < 0.4. For the smaller β values our result suggests a modest systematic increase in LDB ages that is comparable with the maximum levels of theoretical uncertainty previously claimed for the technique. The largest β values would however increase LDB ages by 20-30 per cent and demand a re-evaluation of other age estimation techniques calibrated using LDB ages.