The lead-bismuth eutectic (LBE) is one of the most promising coolants for the lead-cooled fast reactor (LFR) and the accelerator driven sub-critical system (ADS). The liquid metal corrosion (LMC) and stress corrosion in liquid LBE environments are inevitable critical issues for structural materials such as ferritic/martensitic steel, austenitic stainless steel, which are potential safety hazards for the service of structural materials. In this work, the corrosion types and liquid metal embrittlement (LME) mechanism of steel are illustrated, the influences of material design and processing (chemical composition, heat treatment, processing and manufacturing and surface treatment) and corrosion conditions (temperature, mass fraction of oxygen and time) on the corrosion behavior and of steels are summarized. In addition, stress corrosion and LME in liquid LBE is clarified, and the effects of internal and external factors (types, surface defect, heat treatment, mass fraction of oxygen, corrosion temperature and tensile rates) on the mechanical properties of steels are analyzed. In the end, the future research interests of steels in LBE are prospected. The future steel used in liquid LBE is proposed to optimize the material design and treatment (appropriately increasing the content of Si and Al, surface coating and heat treatment) and control the environmental parameters (temperature, mass fraction of oxygen and corrosion time) in LBE to improve its corrosion resistance.