Low-voltage circuit breakers are critical components in low-voltage power distribution systems. Research on reliability evaluation and remaining life prediction technologies for these devices is important for ensuring the stable and reliable operation of power systems. Currently, research in this field has shifted from life-statistics-based methods toward performance degradation-based approaches. This paper reviews the current status of research—both domestically and internationally—on contact electrical wear modeling and reliability technologies for low-voltage circuit breakers. It compares and analyzes the advantages and disadvantages of performance degradation-based reliability methods, discusses the application progress and potential of artificial intelligence algorithms and digital twin technology in this field, and offers an outlook on current challenges and future research directions in reliability evaluation and remaining life prediction for low-voltage circuit breakers.