New technologies such as the Internet of Things and big data have become the strategic focus of national development in the world. Triboelectric nanogenerators are one of the important technologies to solve the problem of distributed energy supply of wireless sensor networks. Since the invention of the triboelectric nanogenerator in 2012, it has attracted extensive attention due to its light weight, low cost, high flexibility, and the diversity of its function. Different from the common rigid inelastic electrode, the elastic electrode is deformable, flexible, and stretchable, which is significant for some specific triboelectric nanogenerators to expand their function. In this review, the latest achievements and research studies of triboelectric nanogenerators based on elastic electrodes are summarized. In addition, the basic classifications, fabrication processes, material selections, structural designs, and working mechanisms regarding the elastic electrode are comprehensively and systematically reviewed. Finally, the future perspectives and remaining challenges of this field are discussed.