The iron and steel sector is the largest emitter of carbon dioxide in China’s manufacturing industry. This report is intended to describe the the present state，technical routes and perspectives of iron and steel industry development. According to the analysis of carbon emission structure，the relationship between production processes and emission，and the transformation trend of the world’s iron and steel industry，opportunities and challenges coexist in China’s steel industry. Scrap steel recovery and electric furnace process，re-electrification，hydrogen metallurgy，resource recycling and by-products，carbon capture and utilization are the main processes in the low-carbon transformation path，and “optimization of energy consumption structure” is one of the important future directions. This report suggests that in order to achieve peak carbon neutralization，clean energy supply will become more and more important as a guarantee for carbon reduction while the metallurgical processes reform.