LiNi0.5Mn1.5O4 (LNMO) emerges as a promising spinel-type positive electrode material for lithium-ion batteries (LIBs) due to its low cost and high operating voltage (4.8 V vs. Li+/Li), attributed to the Ni4+/Ni3+/Ni2+ redox couples, which contribute to high energy density, a crucial requirement for next-generation LIBs. In this study, we investigate the influence of Mn/Ni and Li/(Mn + Ni) ratios on the phase equilibrium and electrochemical performance of LNMO positive electrode materials. A series of 18 samples were synthesized using a two-stage solid-state method with varying Mn/Ni and Li/(Mn + Ni) ratios and annealing under different atmospheres. These synthesis conditions have major impact on the composition and level of purity of LNMO phases, as well as on the nature of the impurities themselves. Mn excess significantly enhances the electrochemical performance, with superior discharge capacity, coulombic efficiency, and capacity retention for the Mn-rich sample with Li/(Mn + Ni) = 0.50. A comprehensive structural analysis combining synchrotron X-ray and neutron powder diffraction gives an in-depth characterization of these samples with a clear differentiation between the global Mn content within samples and that within the LNMO phase.