Implementation of routine condition monitoring techniques, failure analysis protocols and complementary specific research and development (R&D) activities is valuable in preventing failure recurrence. Ferrography is a common technique for condition monitoring, in which small (wear) particles are isolated on a glass slide based upon the interaction between an external magnetic field and the magnetic moments of the particles suspended in a flow stream. Here, the application of ferrography in monitoring the health of aircraft assemblies is reviewed. In addition, several definitions of important terms related to failure analysis are provided, and a recommended failure analysis protocol is discussed. Finally, several case studies of aircraft components that failed due to corrosion-involving mechanisms are summarized, and an example of the application of R&D projects for improved quality assurance and prevention of failure occurrence is given.