The cavitation erosion failure of pumps or valves induces the low efficiency and reduced service life of nuclear reactors. This paper reviews works regarding the cavitation erosion of pumps and valves in the nuclear power industry and academic research field. The cavitation erosion mechanisms of materials of pumps and valves are related to the microstructure and mechanical properties of the surface layer. The cavitation erosion resistance of austenitic stainless steel can be ten times higher than that of ferritic steel. The cavitation erosion of materials is related to the hardness, toughness, and martensitic transformation capacity. Erosion wear and erosion–corrosion research is also reviewed. Erosion wear is mainly influenced by the hardness of the material surface. Erosion–corrosion behavior is closely connected with the element composition. Measures for improving the cavitation erosion of pumps and valves are summarized in this paper. The cavitation erosion resistance of metallic materials can be enhanced by adding elements and coatings. Adhesion, inclusion content, and residual stress impact the cavitation erosion of materials with coatings.