Rechargeable lithium batteries with long calendar life are pivotal in the pursuit of non-fossil and wireless society as energy storage devices. However, corrosion has severely plagued the calendar life of lithium batteries. The corrosion in batteries mainly occurs between electrode materials and electrolytes, which results in constant consumption of active materials and electrolytes and finally premature failure of batteries. Therefore, understanding the mechanism of corrosion and developing strategies to inhibit corrosion are imperative for lithium batteries with long calendar life. In this review, different types of corrosion in batteries are summarized and the corresponding corrosion mechanisms are firstly clarified. Secondly, quantitative studies of the loss of lithium in corrosion are reviewed for an in-depth understanding of the mechanism. Thirdly, the recent progress in inhibiting corrosion is demonstrated. Finally, perspectives to further investigate corrosion mechanism and inhibit corrosion are put forward to promote the development of stable lithium batteries.