<p>Corrosion-induced material degradation poses significant challenges in high-stakes industries such as aerospace, oil and gas, and power generation. This review provides a comprehensive analysis of four primary corrosion failure mechanisms - stress corrosion cracking (SCC), hydrogen embrittlement (HE), pitting corrosion, and uniform corrosion - with focus on their initiation, progression, and impact on advanced materials under extreme environmental conditions. Emphasis was given to the critical role of environmental factors such as temperature, humidity, and aggressive chemicals in accelerating corrosion processes. The review also highlights the application of advanced microscopic techniques such as scanning electron microscopy (SEM), transmission electron microscopy (TEM), atomic force microscopy (AFM), ultrasonic imaging, and in situ Raman spectroscopy with DFT calculations, which enable detailed insights into microstructural changes and surface degradation associated with corrosion. Furthermore, emerging corrosion-resistant materials, such as high-entropy alloys and self-healing coatings, are discussed alongside innovative technologies such as machine learning, digital twins, and real-time corrosion monitoring which hold promises for enhancing material durability and optimizing maintenance strategies. Despite notable advancements, challenges remain in addressing the combined effects of multiple environmental factors and the long-term behavior of novel materials. Future research must focus on developing integrated, multiscale predictive models, improving real-time monitoring systems, and advancing corrosion-resistant technologies to mitigate material degradation in critical industrial applications.</p>