A lithium-ion capacitor (LiC) is one of the most promising technologies for grid applications, which combines the energy storage mechanism of an electric double-layer capacitor (EDLC) and a lithium-ion battery (LiB). This article presents an optimal thermal management system (TMS) to extend the end of life (EoL) of LiC technology considering different active and passive cooling methods. The impact of different operating conditions and stress factors such as high temperature on the LiC capacity degradation is investigated. Later, optimal passive TMS employing a heat pipe cooling system (HPCS) is developed to control the LiC cell temperature. Finally, the effect of the proposed TMS on the lifetime extension of the LiC is explained. Moreover, this trend is compared to the active cooling system using liquid-cooled TMS (LCTMS). The results demonstrate that the LiC cell temperature can be controlled by employing a proper TMS during the cycle aging test under 150 A current rate. The cell’s top surface temperature is reduced by 11.7% using the HPCS. Moreover, by controlling the temperature of the cell at around 32.5 and 48.8 °C, the lifetime of the LiC would be extended by 51.7% and 16.5%, respectively, compared to the cycling of the LiC under natural convection (NC). In addition, the capacity degradation for the NC, HPCS, and LCTMS case studies are 90.4%, 92.5%, and 94.2%, respectively.