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In the backdrop of the carbon neutrality, lithium-ion batteries are being extensively employed in electric vehicles (EVs) and energy storage stations (ESSs). Extremely harsh conditions, such as vehicle to grid (V2G), peak-valley regulation and frequency regulation, seriously accelerate the life degradation. Consequently, developing long-life batteries for typical scenarios has emerged as a crucial focus for future endeavors. This paper concentrates on the fundamental scientific inquiries and comprehensively reviews aspects including the urgent requirements, degradation mechanisms, design methods, durability modeling and management approaches for long-life batteries. Firstly, it underscores the significance and urgency of developing long-life batteries under the typical EV and ESS scenarios. Subsequently, we delve into the long-life battery design methods concerning degradation mechanism suppression. Following this, the degradation modeling and advanced management strategies for achieving long-life batteries are elucidated. Lastly, facing the existing challenges and future opportunities, we provide new insights and perspectives to promote the development and practical application of long-life lithium-ion batteries. • A comprehensive review of the key issues towards long-life battery is presented. • The pressing long-life demands of EV and ESS typical application is highlighted. • A critical review of degradation mechanism and modeling is emphasized. • Challenges and solutions of long-life battery design and management are discussed. • Prospects of long-life battery are illustrated. [ABSTRACT FROM AUTHOR]