Liquid lead–bismuth eutectic alloy is one of the candidate coolants for fourth-generation nuclear power systems because of its good physical and chemical properties, neutron economic performance, and safety. However, the compatibility between the coolant and structural steel is still the main factor restricting its large-scale industrial application in the nuclear energy field. Structural steel in a liquid lead–bismuth eutectic alloy for a long time would cause severe corrosion. The erosion of structural steel by high-flow-rate liquid lead–bismuth alloy will lead to a more complex corrosion process. This paper mainly reviews the corrosion characteristics of liquid lead–bismuth and the corrosion behavior of structural steel in liquid lead-bismuth eutectic. The main methods of inhibiting liquid lead–bismuth corrosion are summarized, and future research directions are suggested.