The stability, electronic structure, and thermochemical properties of the pure Li(n) and boron-doped Li(n)B (n = 1-8) clusters in both neutral and cationic states are studied using electronic structure methods. The global equilibrium structures are established, and their heats of formation are evaluated using the G3B3 and CCSD(T)/CBS methods based on the density functional theory geometries. Theoretical adiabatic ionization energies (IE(a)) for the Li(n) clusters are in good agreement with experiment: Li(2) (G3B3, 5.21 eV; CCSD(T), 5.14 eV; expt, 5.1127 ± 0.0003 eV), Li(3) (4.16, 4.11, 4.08 ± 0.10), Li(4) (4.76, 4.68, 4.70 ± 0.05), Li(5) (4.11, 4.06, 4.02 ± 0.10), Li(6) (4.46, 4.32, 4.20 ± 0.10), Li(7) (4.07, 3.99, 3.94 ± 0.10), and Li(8) (4.49, 4.31, 4.16 ± 0.10). The Li(4) experimental IE(a) has been revised on the basis of the Franck-Condon simulations. Species Li(5)B, Li(6)B(+), Li(7)B, and Li(8)B(+) exhibit high stability as compared to their neighbors, which can be understood by considering the magic numbers of the phenomenological shell model (PSM).