Exploring theoretical energy consumption introduces a fresh perspective for energy-saving research within the iron and steel industry, with a primary focus on the energy expended during material transformation. Building upon the theory of theoretical energy consumption, this study meticulously investigates the theoretical energy consumption associated with each stage of the iron and steel making process, including coking, sintering, pelletizing, ironmaking, steelmaking, and hot rolling. The findings reveal that, under specific conditions, the theoretical energy consumption for each process is as follows: coking (2.59 GJ), sintering (1.36 GJ), pelletizing (1.02 GJ), ironmaking (8.81 GJ), steelmaking (−0.16 GJ), and hot rolling (0.76 GJ). Additionally, this study delves into the analysis of influencing factors on theoretical energy consumption. Using the coking process as an illustrative example, it is observed that the theoretical energy consumption in coking decreases with a reduction in both moisture and volatile content in coal. Under the specified conditions, the minimum theoretical energy consumption for each process is as follows: coking (2.51 GJ), sintering (0.98 GJ), pelletizing (0.67 GJ), ironmaking (8.38 GJ), steelmaking (−0.58 GJ), and hot rolling (0.07 GJ), respectively. This comprehensive analysis serves as a valuable resource for advancing sustainable practices in the iron and steel industry.