CO2 geological utilization and storage (CGUS) is a key technology to achieve carbon neutrality goals. To apply CGUS on a larger scale, the issue of steel corrosion during the process must be addressed to mitigate technological risks. This paper provides an overview of CO2-induced steel corrosion mechanisms and identifies factors that influence corrosion. The impact of CO2 partial pressure, temperature, salinity, pH, impurities, and fluid flow on steel corrosion behavior are also discussed. With the presence of water, the corrosive effect of supercritical CO2 on steel is stronger than that of dissolved CO2 or gaseous CO2. As the temperature increases, the corrosion rate of steel first increases and then decreases. Increasing salinity and decreasing pH lead to an accelerated corrosion rate of steel. Corrosion inhibitors, coatings, and corrosion-resistant alloys are recommended protective measures against CO2-induced corrosion. Compared with coatings, corrosion inhibitors and corrosion-resistant alloys are more commonly used in CGUS projects. Future research directions include further exploration of the mechanisms underlying CO2-induced steel corrosion, clarifying the coupled effects of various environmental factors, and developing corrosion protection technologies under high-pressure and high-concentration CO2 conditions.