Alerts are critical for detecting anomalies in large-scale cloud systems, ensuring reliability and user experience. However, current systems generate overwhelming volumes of alerts, degrading operational efficiency due to ineffective alert life-cycle management. This experience paper details the efforts of Company-X to optimize alert life-cycle management, addressing alert fatigue in cloud systems. We propose AlertGuardian, a framework collaborating large language models (LLMs) and lightweight graph models to optimize the alert life-cycle through three phases: Alert Denoise uses graph learning model with virtual noise to filter noise, Alert Summary employs Retrieval Augmented Generation (RAG) with LLMs to create actionable alert summary, and Alert Rule Refinement leverages multi-agent iterative feedbacks to improve alert rule quality. Evaluated on four real-world datasets from Company-X’s services, AlertGuardian significantly mitigates alert fatigue (94.8% alert reduction ratios) and accelerates fault diagnosis (90.5% diagnosis accuracy). Moreover, AlertGuardian improves 1,174 alert rules, with 375 accepted by SREs (32% acceptance rate). Finally, we share success stories and lessons learned about alert life-cycle management from the deployment of AlertGuardian at Company-X.