This study aimed to investigate the effects of lupin flake supplementation on the growth, plasma parameters, carcass characteristics, and meat composition of late-fattening Hanwoo steers. The steers (n = 40) were randomly divided into the four groups with 10 steers each: LP0 (lupin flake 0%), LP3 (lupin flake 3%), LP6 (lupin flake 6%), and LP9 (lupin flake 9%). The total digestible nutriant intake increased as the concentration of lupin increased (linear and quadratic effects; p < 0.05). The thiobarbituric acid-reactive substance content in the strip loins decreased as lupin flake supplementation levels increased (linear and quadratic effects; p < 0.05), while carnosine levels increased linearly (p < 0.05). As the lupin flake supplementation level increased, anserine and creatinine contents increased linearly and quadratically (p < 0.05). Similarly, adenosine triphosphate (ATP) and adenosine monophosphate (AMP) content increased with increasing lupin flake supplementation levels in linear and quadratic effects (p < 0.001). Palmitoleic acid content increased significantly with increasing lupin flake supplementation level (linear and quadratic effects; p < 0.05). The content of oleic acid in the strip loin was not significant, but the unsaturated fatty acid (UFA) (p < 0.05) and n-6/n-3 ratio (p < 0.05) increased. The results of this study indicated that although lupin flake supplementation did not markedly affect the growth, carcass characteristics, or meat composition of late-fattening Hanwoo steers, it exerted a positive effect on the flavor, taste profiles (anserine, creatinine, ATP, and AMP), hypotonicity (TBARS), and healthy meat production (UFA and n-6/n-3 ratio) related to beef.