The corrosion and oxygen evolution behaviors of cast and rolled Pb–Ag–Nd anodes were investigated by metalloscopy, environmental scanning electron microscopy, X-ray diffraction analysis, and various electrochemical measurements. The rolled anode exhibits fewer interdendritic boundaries and a dispersed distribution of Pb–Ag eutectic mixtures and Nd-rich phases in its cross-section. This feature inhibits rapid interdendritic corrosion into the metallic substrate along the interdendritic boundary network. In addition, the anodic layer formed on the rolled anode is more stable toward the electrolyte than that formed on the cast anode, reducing the corrosion of the metallic substrate during current interruption. Hence, the rolled anode has a higher corrosion resistance than the cast anode. However, the rolled anode exhibits a slightly higher anodic potential than the cast anode after 72 h of galvanostatic polarization, consistent with the larger charge transfer resistance. This larger charge transfer resistance may result from the oxygen-evolution reactive sites being blocked by the adsorption of more intermediates and oxygen species at the anodic layer/electrolyte interfaces of the rolled anode than at the interfaces of cast anode.