The article describes three different ways of polymer light-emitting diode (PLED) degradation, caused by damage of the protective layer. The electroluminescence and charge-transport properties of a completely encapsulated diode, the diodes with a leaky protective layer and diodes without encapsulation were compared under long-time exploitation. The studied devices incorporated Super Yellow light-emitting poly-(1,4-phenylenevinylene) PPV copolymer as an electroluminescence component, and (poly-(3,4-ethylenedioxythiophene)–poly-(styrene sulfonate) (PEDOT:PSS) as a charge-transport layer between the indium tin oxide (ITO) anode and aluminum–calcium cathode. To analyze the PLED degradation mechanism regarding charge transport, impedance spectroscopy was used. The values of resistance and capacitance of the internal layers revealed an effect of applied voltage on charge carrier injection and recombination. The factors responsible for the device degradation were analyzed on a macromolecular level by comparing the plots of voltage dependence of resistance and capacitance at different operation times elapsed.