Proton exchange membrane fuel cells (PEMFCs) with high efficiency and nonpollution characteristics have attracted massive attention from both academic and industrial communities due to their irreplaceable roles in building the future sustainable energy system. However, the stability issue of Pt‐based catalysts for oxygen reduction reaction (ORR) has become a central constraint to the widespread deployment of the devices relative to the catalytic activity. This review aims to provide comprehensive insights into how to improve the stability of Pt‐based catalysts for ORR. First, the basic physical chemistry behind the catalyst degradation, including the fundamental understandings of carbon corrosion, catalyst dissolution, and particle sintering, is highlighted. After a discussion of advanced characterization techniques for the catalyst degradation, the design strategies for improving the stability of Pt‐based catalysts are summarized. Finally, further insights into the remaining challenges and future research directions are also provided. Strategies to improve the stability of Pt‐based catalysts for the oxygen reduction reaction are comprehensively reviewed. The basic physical chemistry behind the catalyst degradation is highlighted. After a discussion of advanced characterization techniques for the catalyst degradation, design strategies for improving the stability of Pt‐based catalysts are proposed.