A series of expanded graphites is prepared from graphite oxide by changing the heat-treatment temperature, and their lithiation/de-lithiation mechanism and rate performance are examined. A featureless sloping profile is observed in their charge-discharge voltage and dilatometry profiles, which is contrasted by the stepwise plateau-like profiles observed with the pristine graphite. With an increase in the heat-treatment temperature from $250^{circ}C$ to $850^{circ}C$, the interlayer distance becomes smaller whereas the electric conductivity becomes larger, both of which are resulted from a removal of foreign atoms (mainly oxygen) from the interlayer gaps. The expanded graphite that is prepared by a heat-treatment at $450^{circ}C$ delivers the best rate performance, which seems to be a trade-off between the $Li^+$ ion diffusivity that is affected by the interlayer distance and electrical conductivity.