The activity of membrane-active peptides/proteins (MAPs) involves interactions with lipid bilayer regions of cell membranes. For example, antimicrobial peptides, lytic peptides, pore-forming toxins, lipidated peptides, and cell-penetrating peptides are all MAPs. Most MAPs induce damage in cell membranes/lipid bilayers, such as nanopore formation. Various methods have been employed to examine the interactions between MAPs and lipid bilayers, as well as MAP-induced membrane damage. Methods using giant unilamellar vesicles (GUVs) are particularly versatile techniques because they provide useful information regarding both MAP–lipid bilayer interactions and MAP activities such as membrane damage. GUV studies have revealed many aspects of elementary processes of MAP-induced membrane damage and their correlations, thus clarifying the mechanisms of MAPs-induced membrane damage. Here, we focus on GUV-based studies of MAP-induced nanopore formation in lipid bilayers. First, we review the binding of MAPs to the lipid bilayers. Second, we review the rate of MAP-induced nanopore formation and the rate of membrane permeation of fluorescent probes through the nanopores. Third, we review the relationships between several elementary processes involved in MAP-induced nanopore formation (i.e., binding of MAPs, nanopore formation, translocation of MAPs across lipid bilayers) and factors that induce membrane instability to facilitate nanopore formation. The pre-pore model of translocation of MAPs across lipid bilayers is also reviewed. Fourth, we review the effects of membrane tension, membrane potential, and lipid composition on MAP-induced formation of nanopores and their stability. Finally, we describe our perspectives on future GUV-based studies of MAP-induced nanopore formation.