Organic light-emitting diodes (OLEDs) have emerged as a promising technology for various applications owing to their advantages, including low-cost fabrication, flexibility, and compatibility. However, a limited lifetime hinders the practical application of OLEDs in electronic devices. OLEDs are prone to degradation effects during operation, resulting in a decrease in device lifetime and performance. This review article aims to provide an exciting overview of OLED degradation effects, highlighting the various degradation mechanisms. Subsequently, an in-depth exploration of OLEDs degradation mechanisms and failure modes is presented. Internal and external processes of degradation, as well as the reactions and impacts of some compounds on OLED performance, are then elucidated. To overcome degradation challenges, the review emphasizes the importance of utilizing state-of-the-art analytical techniques and the role of these techniques in enhancing the performance and reliability of OLEDs. Furthermore, the review addresses the critical challenges of lifetime and device stability, which are crucial for the commercialization of OLEDs. This study also explores strategies to improve OLEDs’ lifetime and stability, such as using barrier layers and encapsulation techniques. Overall, this article aims to contribute to the advancement of OLED technology and its successful integration into diverse electronic applications.