In the steelmaking process, approximately 30% of low-grade waste heat in the iron and steel industry remains unrecovered. Due to its low exergy value and complex heat source characteristics, low-grade waste heat is difficult to utilize. This study first analyzed waste heat distribution patterns across typical blast furnace and converter processes. Then, key technical approaches were then critically reviewed, encompassing waste heat recovery systems, waste-heat-driven power generation technologies. Finally, we proposed two pivotal technologies essential for systematic waste heat valorization: 1) Exergy-driven system optimization methodologies for enhanced thermal cascading; 2) Integrated operational scheduling frameworks accounting for waste heat uncertainties. Addressing these critical challenges will advance low-temperature waste heat utilization, facilitating the steel industry’s transition toward energy-efficient and low-carbon operations.