Abstract Aqueous organic redox flow batteries (AORFBs) are promising candidate for the next‐generation large‐scale energy storage. To develop a stable and cost‐effective AORFB system, the organic active materials and ion‐selective membranes (ISMs) are the most significant components to take into account. However, the degradation and crossover of organic materials downgrade the stability of AORFBs and represent major challenges for their practical application. Therefore, mitigating the degradation of organic species and designing high‐performance ISMs are of highly desired. In this review, the degradation mechanisms of several representative organic species are first discussed in detail. And then some effective strategies for degradation mitigation are summarized. In addition, the updated advancements in ISMs research are analyzed, with particular emphasis on strategies for mitigating the crossover issue via the design and regulation of ion transport channels. Finally, current research hotspots and future research priorities are discussed, offering insights into the challenges and potential approaches for the optimizations of these two key components.