As a necessary part of all electronic devices, equipment and systems, electronic components play a vital role in the global economy. Since the corrosion of a single electronic component may directly affect the normal operation of the entire electronic system, the failure of electronic components has now become the most important cause of electrical system failure and has become a major obstacle to China’s transformation into a scientific and technological power. Therefore, it is urgent to study the corrosion failure process of electronic components and the means of effective protection. In this paper, starting from the corrosion types and influencing factors of electronic components, especially chips, we introduce the influence of humidity, temperature, salt spray, and environmental particles, as well as the device’s own surface roughness, material adhesion, semiconductor materials, metal coupling system, and lead-free solder system on corrosion performance in the environment. Subsequently, this paper summarizes how to protect electronic components during processing, and sums up the types of electronic component protections, and the specific corrosion protection process for the three commonly used types of chips, namely, the indium antimonide InSb chip, the IC chip, and the Sn–Zn solder chip, for reference. Finally, future development trends in the corrosion protection of electronic components are anticipated and summarized.