Dielectric elastomer generator (DEG), which consists of a dielectric elastomer (DE) film sandwiched between two flexible electrodes (FEs), has the advantages of lightweight, high energy density, and high energy conversion efficiency, providing a simple and feasible solution for harvesting energy from human motion or nature. As crucial constituents of DEG, FEs are expected to possess excellent conductivity and compliance. Nevertheless, there is currently no quantitative characterization method for FE compliance. In addition, the impact mechanism of FE compliance on the energy harvesting performance and fatigue life of the DEG remains unclear. In this study, the dynamic mechanical property (DMP) was used to assess the compliance of FEs, and the quantitative characterization method of FE compliance was proposed. A series of silicone rubber electrodes (SREs) with different DMPs and compliance were designed and prepared, and the impact mechanism of FE compliance on the energy harvesting stability and fatigue life of the DEG was investigated. The results indicate that the key to achieving excellent FE compliance lies in reducing the difference in the magnitude of the complex modulus and phase angle between the FEs and DE, which can significantly reduce interfacial friction and extend the fatigue life of DEG. Benefiting from the enhanced FE compliance, the fatigue life and full-life energy density of the DEG device increase by 20.3 times and 26.4 times, respectively, compared with those of the commonly used carbon-based electrodes.