Li Xuepeng started his football career when he was promoted to
Dalian Shide's first team in the 2007 season. He made his debut for the club on 9 August 2007 in a 2–1 win against
Qingdao Jonoon. Li scored his first goal for the club on 4 November 2007 in a 1–1 draw against
Hangzhou Greentown. This led to a loan to
First Division League side
Citizen during the end of the 2007 season, making his debut for the club 2 December 2007 in a 3–0 loss against
Happy Valley. Li would return to Dalian at the start of the 2008 season and play a significantly larger role at Dalian in a very disappointing season which saw the club flirt with relegation. At the start of the 2009 season, he would become a vital member of the squad due to his versatility to play in either the midfield or the defense, aiding Dalian to a midtable finish. Li lost his starting role for the club in the 2012 season and only played in three matches the entire season. In January 2013, Li transferred to
Dalian Aerbin after Dalian Shide dissolved in the offseason. On 10 June 2014, Li transferred to fellow
Chinese Super League side
Guangzhou Evergrande along with his teammate
Yu Hanchao. He made his debut for the club on 27 July 2014 in a 1–0 win against
Henan Jianye, coming on as a substitute for
Liu Jian in the 70th minute. He was excluded from Guangzhou's squad after 23 June 2016 when manager
Luiz Felipe Scolari stated that he would never use Li again during a press conference. This led to speculation that Li was looking for a transfer away from Guangzhou by the Chinese media. After several weeks, Li made his return to the first team on 9 August 2016 in a 0–0 draw against
Beijing Guoan after reconciliation with Scolari. On 28 December 2024, Li held the retirement game with his former teammates
Feng Xiaoting and
Rong Hao in
Shandong Linyi Olympic Park. In March 2025, Li was back to professional football by joining a
China League Two club
Wenzhou FC. ==International career==