This paper reviews the development of special steel since the Industrial Revolution， with a focus on the evolution of its core characteristics. From the limitations of early steel metallurgy to the revolutionary impact of electric arc furnace invention on alloy steel production， and further to the varying national definitions of special steel， it reveals that "Specialization， Premiumization， and Innovation" have consistently defined the industry's inherent tendency.Then the generation of the "advanced steel materials" concept and its integration with traditional special steel was discussed， and how technological innovations such as ultra-fine grains， high cleanliness， and homogenization alongside national strategies like "Made in China 2025" serve as drivers for industrial upgrading was emphasized. On this basis， future directions for special steel development was prospected， including four key concepts： Premium manufacturing， green manufacturing， intelligent manufacturing， and service-oriented manufacturing. And advancements in areas such as cutting-edge metallurgical processes， novel design philosophies， innovations in structural special steels （high-strengthening， lightweighting， structural-functional integration）， and green/"dual-carbon" technologies （green-powered EAF steelmaking， low-carbon metallurgy， new energy applications， resource recycling） was detailed. This analysis aims to provide insights for China's special steel industry as it pursues higher-quality development.