With the acceleration of global industrialization, the concentration of carbon dioxide is increasing in the atmosphere, and its negative impacts have seriously affected all walks of human life, so achieving carbon neutrality has become an urgent task for achieving sustainable development. As an important energy-intensive industry, the metallurgical industry occupies an important position in the global carbon-neutral agenda. In China, the metallurgical industry is actively researching and developing a new green metallurgical model of “replacing carbon with hydrogen”, exploring the feasibility of utilizing renewable energy sources to produce hydrogen from electrolysis to reduce iron ore, and at the same time utilizing hydrogen-rich coke oven gas to get rid of the over-reliance on coke; at the same time, the government’s policies provide support and incentives to elevate sustainable development and technological innovation in the metallurgical industry. support and incentives to elevate sustainable development and technological innovation in the metallurgical industry. Against this background, this paper describes the key initiatives taken by the metallurgical industry in the process of achieving carbon neutrality, including the metallurgy using hydrogen processes using hydrogen-rich coke oven gas as a source of reducing gas, short-process metallurgy of scrap, and technology that reduce emissions and save energy. Through case studies and policy analyses of new green metallurgy, this study demonstrates the potential and achievements of the metallurgical industry in achieving global carbon neutrality. It concludes with a call for the metallurgical industry to continue to strengthen innovation and work with governments and academia to pave the way toward carbon neutrality. Through new metallurgical technologies, improved energy and resource efficiency, and sustainable development, the metallurgical industry will make a significant contribution to the goal of global carbon neutrality.