Li- and Mn-rich (LMR) cathodes have emerged as promising candidates for next-generation lithium-ion batteries (LIBs)

due to their high energy density and reliance on earth-abundant elements. Unlike conventional layered transition metal (TM)

oxides, LMRs utilize both TM and anion (oxygen) redox reactions to achieve superior capacity. However, their widespread

commercialization is hindered by voltage fade, a persistent issue characterized by a gradual decline in the operating voltage

upon cycling, which leads to signifi cant energy density loss. This review provides a comprehensive understanding of the

fundamental mechanisms contributing to voltage fade, including irreversible phase transitions, transition metal migration,

oxygen loss, and microstructural degradation. Furthermore, we discuss state-of-the-art strategies for mitigating voltage

fade, including elemental doping, surface coatings, composition modulation, and concentration gradient engineering. Each

approach is critically evaluated in terms of its eff ectiveness in stabilizing the cathode structure and improving long-term

electrochemical performance. By integrating recent advancements in material design, this review outlines a strategic roadmap

for developing structurally robust and electrochemically stable LMR cathodes, paving the way for their practical implementation

in high-energy density LIBs.