Technically, Max died in the Season 4 finale of Stranger Things. As mentioned in dialogue afterwards, Max was gone a full minute before Eleven (Millie Bobby Brown) was able to revive her. However, if those behind the scenes had granted their original wish, Max might have stayed dead after that haunting moment.
The creators behind the show, the Duffer Brothers, have opened up about the alternate ending and what inspired them to potentially pursue such a path. “It was discussed as a possibility,” said Ross Duffer. “It should happen for a while. But we ended up here… we wanted to end it with a slightly bigger question at the end of the season. It’s still very dark and if Max will do it is okay, we just don’t really know. We wanted to leave it up in the air to progress into Season 5″ (via Variety).
Ultimately, the Duffers mentioned how they wanted the kids to lose this time. While defeating Vecna, they’ve taken heavy casualties, and by the looks of it after the final shot of the season, the Upside Down has started bleeding into their world. Matt Duffer continues: “We really wanted them to lose. We wanted our characters to experience what that feels like. That was the big idea that came up in Season 4 that they were going to lose. We wanted Vecna and imagine they would lose to him. This sets our characters up for the ultimate final confrontation with Vecna and the Upside Downs in Season 5.” It may be a while before Season 5 of Stranger Things comes to fruition, but at least fans can rest easy as they know Max is alive…for now.