Liquid metal fast reactors were considered to be the most promising solution to meet the enormous energy demand in the future. However, corrosion phenomenon caused by the liquid metal, especially in high-temperature lead-bismuth coolant, has greatly hindered the commercialization of the advanced Generation-IV nuclear system. This review discussed current research on the corrosion resistance of structural materials (such as EP823, T91, ODS, and authentic steels) in high-temperature liquid metal served as reactor coolants. The current corrosion resistance evaluation has proved that even for the excellent performance of EP823, the structural material selected in pressurized water reactor is not the ideal material for operation in the high-temperature lead-bismuth eutectic (LBE). Furthermore, the latest coating technologies that are expected to be applied to cladding materials for coolant system were extensively discussed, including Al-containing coatings, ceramic coatings, oxide coatings, amorphous coatings and high-entropy alloy coatings. The detailed comparison summarized the corrosion morphology and corrosion products of various coatings in LBE. This review not only provided a systematic understanding of the corrosion phenomena, but also demonstrated that coating technology is an effective method to solve the corrosion issues of the advanced next-generation reactors.