Next generation high energy density lithium‐ion batteries have aroused great interests worldwide. Herein, in a high‐voltage (5 V‐class) LiNi0.5Mn1.5O4/MCMB (graphitic mesocarbon microbeads) battery system using 1 m lithium difluoro(oxalate)borate/sulfolane, tris(trimethylsilyl) phosphite (TMSP) additive is added to significantly improve room/high temperature cycling performances. The unchanged X‐ray diffraction patterns suggest the bulk crystal structure of cycled MCMB anode and LiNi0.5Mn1.5O4 cathode are well preserved. Moreover, soft X‐ray absorption spectroscopy (XAS) taken from bulk sensitive fluorescence‐yield (FY) mode reveals the unchanged bulk electronic structure of cycled LiNi0.5Mn1.5O4 cathode. Therefore, it is concluded that only interface instability contributes to capacity fading of full‐cells. However, electrode/electrolyte interface and corresponding interfacial reaction processes are always “enigmatic.” First, X‐ray photoelectron spectroscopy (XPS) and in situ differential electrochemical mass spectrometry (DEMS) are used to more accurately decipher the TMSP additive action mechanism in MCMB/electrolyte interfacial reaction processes, by identifying the interfacial solid and gas byproducts, respectively. Then, the crucial role of TMSP additive in modifying cathode/electrolyte interface is revealed by XPS and soft XAS taken from surface sensitive total electron yield (TEY) mode. This paper provides valuable perspectives for formulating novel electrolytes, and for more accurately depicting additive action mechanism in “enigmatic” electrode/electrolyte interfacial reaction processes.