Steel-fiber-reinforced concrete (SFRC) is being increasingly applied to various buildings and civil infrastructure as an advanced cementitious composite. In recent years, the requirements for SFRC in the construction industry have increased. Additionally, the fire resistance of SFRC has attracted attention; therefore, numerous investigations regarding the residual properties of SFRC have been conducted. This paper critically reviews the mechanical properties of SFRC subjected to elevated temperatures, including its residual compressive strength, flexural strength, tensile strength, elastic properties, fracture properties, and stress–strain relationships. The residual mechanical performance of SFRC and the action mechanism of steel fibers are reviewed in detail. Moreover, factors affecting the explosive spalling of concrete at high temperatures as well as the effect of steel fibers on the microstructure of heated concrete are discussed. It is demonstrated that, in general, SFRC exhibits better residual mechanical properties when exposed to elevated temperatures than plain concrete and can prevent the risk of explosive spalling more effectively. The purpose of this literature review is to provide an exhaustive insight into the feasibility of SFRC as a refractory building material; additionally, future research needs are identified.