By surveying relevant literatures in nearly twenty years, research progress on steel electrochemical corrosion in oil and gas fields water system was summarized. The influences of CO2, H2S, Cl—, sulfate-reducing bacteria, temperature, pH value and other factors on steel corrosion rate were analyzed according to the characteristics of water quality. Meanwhile, the steel corrosion mechanisms were reviewed. Besides, in view of the various factors which affecting steel corrosion, some protective measures were proposed to reduce corrosion. It was pointed out that steel corrosion in dissolved oxygen, saprophytic bacteria, iron bacteria and other corrosion factors as well as steel corrosion mechanisms in concomitant medium would become a hot research area in the future.