The demand for long‐term, sustainable, and low‐cost battery energy storage systems with high power delivery capabilities for stationary grid‐scale energy storage, as well as the necessity for safe lithium‐ion battery alternatives, has renewed interest in aqueous zinc‐based rechargeable batteries. The Alkaline Ni‐Zn rechargeable battery chemistry was identified as a promising technology for sustainable energy storage applications, albeit a considerable investment in academic research, it still fails to deliver the requisite performance. It is hampered by a relatively short‐term electrode degradation, resulting in a decreased cycle life. Dendrite formation, parasitic hydrogen evolution, corrosion, passivation, and dynamic morphological growth are all challenging and interrelated possible degradation processes. This Review elaborates on the components of Ni‐Zn batteries and their deterioration mechanisms, focusing on the influence of electrolyte additives as a cost‐effective, simple, yet versatile approach for regulating these phenomena and extending the battery cycle life. Even though a great deal of effort has been dedicated to this subject, the challenges remain. This highlights that a breakthrough is to be expected, but it will necessitate not only an experimental approach, but also a theoretical and computational one, including artificial intelligence (AI) and machine learning (ML).