We have studied the origin of an additional plateau of $Li_{4+x}Ti_5O_{12}$ (LTO) observed at 0.7 V (vs. Li/$Li^+$). Some LTO has to be discharged down to below 1.0 V forming two-stage plateau (1.5 V and 0.7 V) in order to obtain most of capacity while others could achieve the same level of capacity at higher potential (1.0 V vs. Li/$Li^+$) forming one plateau (1.5 V). The particle size effect has been investigated as a possible reason of this. The 0.7 V plateau was gradually elongated with increasing the particle size. The structural variations and kinetic behaviors during discharge were carefully examined by in-situ XRD technique and OCV measurement. According to structural and electrochemical verifications, the kinetic limitation of $Li^+$ insertion is responsible primarily for the two-stage plateau which is related to the particle size of LTO rather than the formation of new intermediate phase during discharge. Herein, we propose a possible reaction model to elucidate this abnormal behavior of LTO below 1.0 V (Li/$Li^+$).