Long term storage gets a heavy coat of oil and wrapped in plastic. Frequently used blades are cleaned and sharpened weekly. I use a dry bike chain lube on the pivot and on the blade itself. Oil attracts pocket lint and dirt. The dry chain lube doesn't.
Blades with higher carbon content and lower chrome content may need to be worked with a fine steel wool fairly often to remove any light oxidation.
The amount of protection required will vary considerably, depending on the environment. What part of the country are you in? Microcrystaline Wax is a good choice for collectable blades that aren't used a lot. It works well on just about any material (metal, wood, plastic, etc.).
Ballistol goes on every gun, blade, fishing equipment. Non-petroleum. My uncle had been using it since he was a kid back in the 1920's. I've been using it since the 60's. The unique odor takes a bit of getting used to, but the results are more than worth it for me. As for muzzleloaders, nothing else is even a close 2nd as far as I'm concerned.
But as for the question asked by Wolf -- did you actually mean this type of protection, or were you referring to protecting the edge during transport, use, and carry?