Lithium-air batteries (LABs) have attracted tremendous attention since the proposal of the LAB concept in 1996 because LABs have a super high theoretical/practical specific energy and an infinite supply of redox-active materials, and are environment-friendly. However, due to the lack of critical electrode materials and a thorough understanding of the chemistry of LABs, the development of LABs entered a germination period before 2010, when LABs research mainly focused on the development of air cathodes and carbonate-based electrolytes. In the growing period, i.e., from 2010 to the present, the investigation focused more on systematic electrode design, fabrication, and modification, as well as the comprehensive selection of electrolyte components. Nevertheless, over the past 25 years, the development of LABs has been full of retrospective steps and breakthroughs. In this review, the evolution of LABs is illustrated along with the constantly emerging design, fabrication, modification, and optimization strategies. At the end, perspectives and strategies are put forward for the development of future LABs and even other metal-air batteries.