Flexible and stretchable electronics represent today's cutting-edge electronic technologies. As the most-fundamental component of electronics, the thin-film electrode remains the research frontier due to its key role in the successful development of flexible and stretchable electronic devices. Stretchability, however, is generally more challenging to achieve than flexibility. Stretchable electronic devices demand, above all else, that the thin-film electrodes have the capacity to absorb a large level of strain (>>1%) without obvious changes in their electrical performance. This article reviews the progress in strategies for obtaining highly stretchable thin-film electrodes. Applications of stretchable thin-film electrodes fabricated via these strategies are described. Some perspectives and challenges in this field are also put forward.