The desire to explore the natural resources and geopolitical patterns of the North and South Poles has significantly increased the interest of experts and researchers in the development and utilization of the polar regions. In this article, we comprehensively analyzed the current state of the development of polar low-temperature steel around the world. We highlighted the challenges that must be addressed in the ongoing development efforts and summarized the expected future trends in this field. The main theme of this article involves the challenges encountered in polar environments primarily caused by the low-temperature toughness and seawater corrosion of marine steel.