Lead-bismuth eutectic (LBE) alloy has a wide application prospect in the nuclear fields because of its excellent characteristics such as low chemical activity, excellent thermal properties and radiation resistance. It is the first choice material for the fourth generation nuclear energy system lead-cooled fast reactor (LFR) coolant. However, the densified liquid LBE with high temperature and turbulent flow rate will cause serious corrosion to the structural materials of the reactor, threatening its service safety. Thereby, a comprehensive understanding and analysis of the challenges faced by the application of LBE is of great significance not only for solving the key scientific and practical engineering problems of the compatibility between LBE and structural materials, but also for the sustainable development of nuclear energy. This work briefly introduces the characteristics of LBE coolant, systematically reviews the statu of the LBE corrosion mechanism and influencing factors in recent years. The basic principles, protection mechanisms and the latest research progress of the three main solutions, including controlling dissolved oxygen concentration, modification of structural materials and surface protective coating technology, are comprehensively analyzed. Finally, the main problems and shortcomings in the current research are summarized, and the future development prospect is discussed.