Medical-grade stainless steel (MSS) is one of the most widely used materials for implantable devices in biomedical applications, including orthopedic stents, dental implants, cardiovascular stents, cranial fixations, and surgical suture materials. Implants are exposed to corrosive body fluids containing chlorides, proteins, and amino acids, resulting in corrosion, wear, toxicity, inflammation, infection, and failure. MSS-based materials exhibit improved corrosion and mechanical resistance and suppress the degradation and release of toxic metal ions. Although MSS is manufactured with a passivating metal oxide layer, its anti-corrosion performance against chlorides and chemicals in body fluids is insufficient. Implants require biocompatibility, bioactivity, hemocompatibility, and sustainability. Antimicrobial activity and sustained drug release are also crucial factors. Therefore, stainless steel with desirable multifunction is in great clinical demand. This comprehensive review summarizes recent advances in the surface modification of MSS-based implants and their biomedical applications, especially in dentistry.