The LiCo$O_2$ powder was synthesized by a solution phase reaction. This shows a high (003) peak intensity and low (104) or (101) peak intensities in X-ray diffraction spectra. The LiCo$O_2$/Li cell shows an initial discharge capacity of 102.9mAh/g and an average discharge potential or 3.877V at a current density of 50mA/g between 3.0~4.2V. The peaks of dQ/dV plot are associated with Li ion intercalation/deintercalation reaction. To evaluate the cycleability of an actual battery system, cylindrical lithium ion cell was manufactured using graphitized MPCF anode and LiCoO$_2$ cathode. After 100th cycle, this cel maintains 80% capacity of 10th cycle value. The LiCoO$_2$/MPCF cell has a high discharge voltage of 3.6~3.7V and a good cycle life performance on cycling between 4.2~2.7V.