This paper reviews publications in the literature on performance degradation of and mitigation strategies for polymer electrolyte membrane (PEM) fuel cells. Durability is one of the characteristics most necessary for PEM fuel cells to be accepted as a viable product. In this paper, a literature-based analysis has been carried out in an attempt to achieve a unified definition of PEM fuel cell lifetime for cells operated either at a steady state or at various accelerated conditions. Additionally, the dependence of PEM fuel cell durability on different operating conditions is analyzed. Durability studies of the individual components of a PEM fuel cell are introduced, and various degradation mechanisms are examined. Following this analysis, the emphasis of this review shifts to applicable strategies for alleviating the degradation rate of each component. The lifetime of a PEM fuel cell as a function of operating conditions, component materials, and degradation mechanisms is then established. Lastly, this paper summarizes accelerated stress testing methods and protocols for various components, in an attempt to prevent the prolonged test periods and high costs associated with real lifetime tests.