This paper reviews the previous literature on the alloy composition design of low-density steel (LDS), focusing on the effect of Al, Mn, Ni, and other alloy elements on the formation of the steel matrix and second phase, and provides classification. The microstructure of LDS after processing includes the matrix structure, к-carbide, and B2 (FeAl, NiAl, or MnAl) phase of ferritic LDS, austenitic LDS, and dual-phase LDS. The influence of alloy elements on the corrosion resistance of LDS is derived from the addition of Al and Mn for metallurgy. Additionally, the influence of Cr and Mo addition on the corrosion resistance improvement was studied. The electrochemical properties of the corrosion process in LDS are discussed. Further, the microstructure of LDS affects the corrosion resistance properties including pitting corrosion, hydrogen embrittlement, and SCC (stress corrosion cracking). Finally, future research directions are proposed.