Advancing towards alternative technologies for the sustainable production of hydrogen is a necessity for the successful integration of this potentially green fuel in the future. Photocatalytic and photoelectrochemical water splitting are promising concepts in this context. Over the past decades, researchers have successfully explored several materials classes, such as oxides, nitrides, and oxynitrides, in their quest for suitable photocatalysts with a focus on reaching higher efficiencies. However, to pave the way towards practicability, understanding degradation processes and reaching stability is essential, a domain where research has been scarcer. This perspective aims at providing an overview on recent progress concerning stability and degradation with a focus on (oxy)nitride photocatalysts and at providing insights into the opportunities and challenges coming along with the investigation of degradation processes and the attempts to improve the stability of photocatalysts.