Metabolomics aims at identification and quantitation of small molecules involved in metabolic reactions. LC-MS has enjoyed a growing popularity as the platform for metabolomic studies due to its high throughput, soft ionization, and good coverage of metabolites. The success of a LC-MS-based metabolomic study often depends on multiple experimental, analytical, and computational steps. This review presents a workflow of a typical LC-MS-based metabolomic analysis for identification and quantitation of metabolites indicative of biological/environmental perturbations. Challenges and current solutions in each step of the workflow are reviewed. The review intends to help investigators understand the challenges in metabolomic studies and to determine appropriate experimental, analytical, and computational methods to address these challenges.