Grounding devices serve as essential foundations to ensure the safe and stable operation of power equipment and personal safety. Typically constructed with corrosive metal materials like carbon steel, domestic grounding devices are prone to issues such as corrosion fractures over time, leading to potential overvoltage and tripping accidents. Therefore, studying the corrosion characteristics and diagnosis technologies of these grounding devices becomes crucial in preventing power accidents caused by corrosion. From the perspective of the corrosion characteristics of grounding devices, in this paper, the corrosion mechanism of carbon steel grounding materials, corrosion characteristics of common grounding materials, soil corrosion characteristics, and effects of current on grounding device corrosion are reviewed. Various anti-corrosion measures for grounding devices are evaluated, and electrochemical corrosion diagnosis methods, electrical network diagnosis methods, and electromagnetic field analysis diagnosis methods are compared, with their pros and cons highlighted. Challenges faced by existing research in dealing with grounding device corrosion are summarized, and it is suggested that future studies focus on exploring corrosion interactions among different grounding materials, developing new corrosion-resistant grounding materials, quantifying actual corrosion levels in grounding devices, diagnosing potential corrosion faults, and swiftly identifying corrosion issues in ground lead conductors to prevent power accidents effectively.