To avoid strains in steel structures in special equipment caused by excessive alternating loads, which cause stress concentrations in local areas and reduce the strength and pressure-bearing capacity of the steel structures, a method for evaluating the strain state of the steel structures using the eddy current effect is proposed, and the relevant testing device is developed. The RMS voltage and tension values were tested and fitted linearly with sampling time, and their linear correlations after fitting were 0.9978560 and 0.9967905, respectively. To investigate the method’s practical application, the effect of strain on the impedance of the eddy current probe was first studied theoretically, followed by the design and fabrication of a strain detection device comprised of an eddy current probe and a signal processing system. Finally, tensile strain experiments were carried out on 5 mm thick standard Q235 steel tensile specimens using a universal tensile machine and the linear equation of RMS voltage versus strain was obtained analytically. Theoretical and experimental tests have shown that the device can detect each strain stage and quantify the strain within the elastic stage by fitting a linear equation.