The thermal barrier coatings (TBCs) are employed to protect metallic components from high temperature gas, and their microstructure and service performance are closely related to and have the mutual effect with the preparation process and service condition. This research reviews TBCs failure mechanisms caused by different stress inducements from the perspective of thermally grown oxide (TGO) thickening, phase transformations, and sintering. Subsequently, the preparation methods of TBCs with columnar structure are summarized, as well as their functions of releasing stress during TBC service. Although the preparation process and service conditions are different, the lifetimes of TBCs prepared by different methods are evaluated by comparing with that of the standard TBCs. The long lifetime service mechanism of TBCs with column structure is summarized. This research reviews the interaction effects among the stress source, microstructure, preparation process, and service performance of TBCs, providing guidance for the advanced and durable TBCs design.