Abstract The demand for lithium-ion batteries (LIBs) with high mass-specific capacities, high rate capabilities and long-term cyclabilities is driving the research and development of LIBs with nickel-rich NMC (LiNi_xMn_yCo_1−x−yO₂, $x ⩾ 0.5$x⩾0.5) cathodes and graphite (Li_xC₆) anodes. Based on this, this review will summarize recently reported and widely recognized studies of the degradation mechanisms of Ni-rich NMC cathodes and graphite anodes. And with a broad collection of proposed mechanisms on both atomic and micrometer scales, this review can supplement previous degradation studies of Ni-rich NMC batteries. In addition, this review will categorize advanced mitigation strategies for both electrodes based on different modifications in which Ni-rich NMC cathode improvement strategies involve dopants, gradient layers, surface coatings, carbon matrixes and advanced synthesis methods, whereas graphite anode improvement strategies involve surface coatings, charge/discharge protocols and electrolyte volume estimations. Electrolyte components that can facilitate the stabilization of anodic solid electrolyte interfaces are also reviewed, and trade-offs between modification techniques as well as controversies are discussed for a deeper understanding of the mitigation strategies of Ni-rich NMC/graphite LIBs. Furthermore, this review will present various physical and electrochemical diagnostic tools that are vital in the elucidation of degradation mechanisms during operation to supplement future degradation studies. Finally, this review will summarize current research focuses and propose future research directions. Graphic Abstract The demand for lithium-ion batteries (LIBs) with high mass specific capacities, high rate capabilities and longterm cyclabilities is driving the research and development of LIBs with nickel-rich NMC (LiNi_xMn_yCo_1−x−yO₂, x ≥ 0.5) cathodes and graphite (Li_xC₆) anodes. Based on this, this review will summarize recently reported and widely recognized studies of the degradation mechanisms of Ni-rich NMC cathodes and graphite anodes. And with a broad collection of proposed mechanisms on both atomic and micrometer scales, this review can supplement previous degradation studies of Ni-rich NMC batteries. In addition, this review will categorize advanced mitigation strategies for both electrodes based on different modifications in which Ni-rich NMC cathode improvement strategies involve dopants, gradient layers, surface coatings, carbon matrixes and advanced synthesis methods, whereas graphite anode improvement strategies involve surface coatings, charge/discharge protocols and electrolyte volume estimations. Electrolyte components that can facilitate the stabilization of anodic solid-electrolyte interfaces (SEIs) are also reviewed and tradeoffs between modification techniques as well as controversies are discussed for a deeper understanding of the mitigation strategies of Ni-rich NMC/graphite LIBs. Furthermore, this review will present various physical and electrochemical diagnostic tools that are vital in the elucidation of degradation mechanisms during operation to supplement future degradation studies. Finally, this review will summarize current research focuses and propose future research directions.