The aprotic Li–O2 battery possessing the highest theoretical energy density, approaching that of gasoline, has been regarded as one of the most promising successors to Li-ion batteries. Before this kind of battery can become a viable technology, a series of critical issues need to be conquered, like low round-trip efficiency and short cycling lifetime, which are closely related to the continuous parasitic processes happening at the cathode and anode during cycling. With an aim to promote the practical application of Li–O2 batteries, great effort has been devoted to identify the reasons for oxygen and lithium electrodes degradation and provide guidelines to overcome them. Thus, the stability of cathode and anode has been improved a lot in the past decade, which in turn significantly boosts the electrochemical performances of Li–O2 batteries. Here, an overlook on the electrode protection in high-efficiency Li–O2 batteries is presented by providing first the challenges of electrodes facing and then the effectiveness of the existing approaches that have been proposed to alleviate these. Moreover, new battery systems and perspectives of the viable near-future strategies for rational configuration and balance of the electrodes are also pointed out. This Outlook deepens our understanding of the electrodes in Li–O2 batteries and offers opportunities for the realization of high performance and long-term durability of Li–O2 batteries.