With the development of high-speed railways,new energy vehicles and wind power etc.,bearings inevitably work in a variety of electric field environments.The involvement of electricity makes the bearings produce a new form of damage,namely,shaft current corrosion.The mechanism of the generation of shaft voltage and shaft current was described,and the hazards caused by shaft current such as material weakening,surface ablation and lubrication deterioration and the relative mechanism were analyzed.The test method for bearing electric corrosion and the equivalent test method for single-point electric rolling contact with lubrication were summarized.Three types of protection technologies of shaft current corrosion,including source restrain,insulation restrain and conductive pathways were summarized.The research prospects of shaft current were foreseen.