Reversible protonic ceramic electrochemical cell (R-PCEC) is an emerging and efficient energy conversion device that can convert chemical energy into electrical energy and electrical energy into chemical energy. The reversible operation of R-PCEC in the dual mode of fuel cell and electrolytic cell is highly flexible and is one of the most promising ways for efficient energy conversion and storage. However, for R-PCEC, the electrolyte conductivity, catalytic activity of the cathode and anode, and durability under actual operating conditions are the main factors restricting its performance. This review introduced the research and development status of each component of R-PCEC in detail, including electrolyte materials, hydrogen electrodes, and air electrodes, as well as mainly focused on the latest progress on material requirements, electrode performance and reaction mechanism of air electrodes for reversible batteries. In addition, the future developments on R-PCEC were also prospected.